Greenland Energy Co. delays oil exploration by one year

Greenland Energy Co. has announced a one-year delay in its oil exploration plans in the Jameson Land Basin on Greenland’s east coast. Authorities in the autonomous Danish territory requested additional time in mid-August to review the company’s plans to tap the area, which is believed to hold significant oil reserves.

Chief Executive Robert Price stated that the delay has halted preparations involving equipment from Alberta, Denmark, and Houston. Current plans and equipment have been placed in storage, with operations now expected to resume around November or December 2027.

The exploration is being conducted under pre-existing licenses held by joint-venture partner 80 Mile PLC. Although the Greenland government banned new oil and gas exploration in 2021, these specific permits, granted between 2015 and 2018, remain valid until the end of 2028.