Greenland Energy to Drill Jameson Land Basin with Halliburton

In a bold move that signals renewed interest in Arctic energy exploration, Greenland Energy Company (NASDAQ: GLND) has struck a deal to acquire a 70% stake in the Jameson Land Basin project in Greenland, one of the world’s largest remaining underexplored onshore hydrocarbon regions. Spanning more than 8,400 square kilometers, the basin has long been touted for its potential, with historical industry estimates suggesting it could contain tens of billions of barrels of oil equivalent. The current owner, 80 Mile, retains a 30% interest and will benefit from Greenland Energy funding the drilling program. To execute the project, Greenland Energy has contracted Halliburton, a global leader in oilfield services, to manage project logistics and planning, underscoring the scale and ambition of this venture.

The Jameson Land Basin has been the subject of decades of geological study, yet it remains undrilled—a testament to the technical and regulatory challenges of operating in Greenland’s harsh Arctic environment. For investors, the project represents a high-risk, high-reward proposition. While the basin’s resource potential is vast, the news release itself acknowledges significant uncertainties, including that the 13 billion barrel estimate is based on undiscovered accumulations with no certainty of commercial discovery. Moreover, a 2008 USGS report gave less than a 10% chance of the basin containing a technically recoverable accumulation. Drilling costs are steep—estimated at $40 million for the first well—and operations face extreme climate, limited infrastructure, and seasonal access windows.

Despite these hurdles, the partnership with Halliburton and the financial commitment from Greenland Energy suggest a serious push toward exploration. The project also navigates a complex geopolitical landscape: Greenland’s 2021 drilling moratorium grandfathers existing licenses, but future regulatory changes could pose risks. For the broader industry, this deal highlights the ongoing allure of frontier basins even as the global energy transition accelerates. Greenland Energy’s move could either unlock a major new oil province or serve as a cautionary tale about the perils of Arctic drilling. More details can be found in the company’s newsroom at https://ibn.fm/GLND.