Why the Movements of a U.S. Oil Company in Greenland Have Attracted Attention
oil company is delaying its Arctic drilling project following permit discussions and a public rebuke from the Greenland government for moving equipment without authorization. Greenland Energy, the Texas-based firm leading the project, had hoped to begin drilling operations as early as October in the Jameson Land Basin in eastern Greenland—an estimate cited there could be up to 13bn barrels of prospective oil resources, but analysts who set that number have called it “highly speculative.” That timeline has now significantly changed and the project cannot commence until the winter of 2027, at the earliest.
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oil company is delaying its Arctic drilling project following permit discussions and a public rebuke from the Greenland government for moving equipment without authorization. Greenland Energy, the Texas-based firm leading the project, had hoped to begin drilling operations as early as October in the Jameson Land Basin in eastern Greenland—an estimate cited there could be up to 13bn barrels of prospective oil resources, but analysts who set that number have called it “highly speculative.” That timeline has now significantly changed and the project cannot commence until the winter of 2027, at the earliest. The Greenland government on Wednesday issued a statement detailing that the “necessary regulatory process cannot be completed, and the necessary approvals cannot therefore be obtained before the planned start of drilling.” It emphasized that “preparatory activities cannot be started either” and “several parts of the project are under regulatory review.” Greenland Energy’s venture partner, the British outfit 80 Mile, said the team remains “fully committed to the project and intends to commence drilling as soon as the necessary approvals have been received and the programme can be undertaken safely and responsibly.” Greenland Energy’s share price dropped in the aftermath of the announcement. The project has stalled during a time where there is high U.S.
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- oil company is delaying its Arctic drilling project following permit discussions and a public rebuke from the Greenland government for moving equipment without authorization. Greenland Energy, the Texas-based firm leading the project, had hoped to begin drilling operations as early as October in the Jameson Land Basin in eastern Greenland—an estimate cited there could be up to 13bn barrels of prospective oil resources, but analysts who set that number have called it “highly speculative.” That timeline has now significantly changed and the project cannot commence until the winter of 2027, at the earliest.
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- 1 outlet, average source rating 7.0/10.
- When was it last updated?
- 15m ago.
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Why the Movements of a U.S. Oil Company in Greenland Have Attracted Attention
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