US oil company plans to open first well in Greenland in 2027 despite pressure from Trump
Greenland Energy CEO Robert Price says the United States must look to “friendly jurisdictions” to become independent of foreign oil supplies. His company is in the licensing process and plans to drill wells in Greenland in 2027.
A US company says it can exploit potentially massive oil potential in Greenland next year, following President Donald Trump’s announcement that resource exploration is “getting ready to begin” on the Arctic island.
Greenland Energy Company is in the process of obtaining a permit to drill its first well in 2027 in eastern Greenland, according to CEO Robert Price. The company says its project, in partnership with British company 80 Mile, holds the only oil permits for exploratory drilling in Greenland, making it a key potential player in Trump’s interest in Greenland’s resources.
Trump announced on Truth Social last week that “massive” resource exploration is set to begin in Greenland.
“Massive oil, gas and mineral exploration is preparing to begin in our beautiful new Greenland!” Trump posted on Truth Social.
Trump announces massive plans for oil, gas and mining exploration in Greenland, with full national security benefits
Satellite imagery shows the onshore Jameson Basin in eastern Greenland, the proposed site for the Greenland Energy Company’s oil drilling project. (Gallo Images/Orbital Horizon/Copernicus Sentinel Data 2026 / Getty Images)
“Some experts say that the amount of readily available oil is far greater than that of almost any country, anywhere in the world and, more importantly, from the perspective of the defense and offensive security of the United States of America and Europe, it is unrivaled,” he continued.
Trump’s announcement did not specify details about how and when resource exploration would begin in Greenland.
Greenland’s government stopped granting new oil and gas permits in 2021 due to concerns about the environmental impact of oil extraction. However, existing permits granted before 2021 remain valid, pending further government approval for extraction.
According to Greenland’s Ministry of Trade and Mineral Resources, White Flame Energy, which is owned by 80 Mile, was granted two permits in 2015 and a third in 2018 for exploratory drilling and possible oil extraction in Jameson Land in eastern Greenland. Price’s company, Greenland Energy, has partnered with the British company as an investor in this project and will act as the project’s operator.
Price says the project has attracted the attention of governments and investors because of the potential importance the oil could have in reducing U.S. dependence on foreign oil supplies. According to Price, an independent engineering report found the planned drilling site could hold up to 13 billion barrels of crude oil.
The exact amount of oil present in the onshore Jameson Basin and whether the oil can be extracted economically will not be known until exploratory drilling takes place.
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A container ship floats in the port of Nuuk, Greenland. The Arctic island is a strategic geographic location for the US military. (Julia Wäschenbach/photo alliance/Getty Images / Getty Images)
Price positioned his company’s project as a long-term solution to slowing choke points in the global supply chain caused by conflicts like the war in Iran.
“If we succeed, even partially, it could really help some of the choke points in the Middle East. Of course, the U.S. government has recognized what our project is and has been monitoring it,” Price told Fox Business.
According to Price, measurements taken on the surface of the proposed drilling site show crude oil company Greenland Energy Company intends to extract genetically identical oil found in the North Sea, meaning European refineries may have existing capacity to process it.
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Finding new oil supplies in “friendly jurisdictions” is essential for the United States to maintain its independence from foreign oil supplies, Price says.
“It is incumbent on the United States to look beyond shale deposits to ensure an energy supply in the future,” Price said.
“This supply is dwindling, and that is why we must look to friendly jurisdictions like Greenland to bring new oil supplies to the people of the United States and the European community,” he continued.
The Greenland government said the Jameson Land project remained in the exploration phase and exploratory drilling could not begin until environmental social impact assessments were approved. The government had previously opposed the project’s proposed timetable for drilling in winter 2026/2027, according to a statement on its website.
Price told Fox Business that his company has filed all environmental reports and plans to drill its first well in 2027.
TRUMP’S MASSIVE DEAL WITH GREENLAND CLEARLY INDICATES WHO CONTROLS THE STRATEGIC FUTURE OF THE ARCTIC
President Donald Trump, Danish Prime Minister Mette Frederiksen and Greenlandic Prime Minister Jens-Frederik Nielsen sign a trilateral security agreement on the sidelines of the 81st United Nations General Assembly in New York, September 22, 2026. (Brendan SMIALOWSKI / AFP via Getty Images / Getty Images)
Price is also chairman of the USFM Corporation, a private company that drills for minerals, including cobalt, nickel and platinum, in West Greenland.
Price said Greenland’s security is critical to both the future of USFM’s mineral exploration and Greenland Energy’s oil drilling potential. He noted that a recent security agreement between the United States, Greenland and Denmark was an important part of continued resource exploration on the island.
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The three countries signed a trilateral agreement during the United Nations General Assembly in September. The security agreement permanently cements U.S. military rights in Greenland while affirming Greenland’s right to self-determination.
“Now we have clarity. Some of that clarity is coming from Greenland Energy and USFM. We’re going to be in Greenland for a very long time,” Price said. “We accept the trilateral agreement because for a company like ours it is very important to have certainty of the security of Greenland for our long-term investment.”
The security agreement does not affect existing oil permits or guarantee U.S. exploration of resources in Greenland.
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The Greenland government declined to comment on Trump’s announcement on Truth Social.
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