Greenland Energy CEO Robert Price said the United States should seek “friendly jurisdictions” to be independent of foreign oil supplies. His company is in the permitting process and plans to drill a well in Greenland in 2027.
An American company says it will acquire a potentially huge oil prospect in Greenland next year, after President Donald Trump announced that resource exploration is “ready to begin” on the Arctic island.
The company Greenland Energy is in the process of permitting to drill its first well in 2027 in eastern Greenland, according to CEO Robert Price. The company stated that the project, in partnership with the British company 80 Mile, has the sole oil permit for exploratory drilling in Greenland, which makes it a potential key player for Trump’s interests in Greenland resources.
Trump announced on Truth Social last week that “massive” resource exploration is expected to begin in Greenland.
“Massive Oil, Gas, and Mineral Exploration is ready to begin in the new and beautiful Greenland!” Trump posted on Social Truth.
TRUMP ANNOUNCES OIL, GAS AND MINERAL EXPLORATION PLAN IN GREENLAND
Satellite imagery shows the Jameson Land Basin in East Greenland, the proposed site for Greenland Energy Company’s oil drilling project. (Gallo Image/Orbital Horizon/Copernicus Sentinel Data 2026/Getty Images)
“There are Experts who say that the amount of Oil that is easily available is more than almost any land, anywhere in the World and, more importantly, from the Security Objectives in Defense and Offense in the United States and Europe, no one else,” he said.
Trump’s announcement did not specify details of how or when resource exploration would begin in Greenland.
Greenland’s government has stopped issuing new oil and gas permits in 2021 due to concerns about the environmental impact of oil extraction. However, permits granted before 2021 remain valid, pending additional government approval for extraction.
According to Greenland’s Ministry of Business and Mineral Resources, White Flame Energy, owned by 80 Mile, obtained 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 a British company as an investor in the effort and will be the operator of the project.
Price said the project is attracting the attention of governments and investors because of the oil’s potential to reduce U.S. dependence on foreign oil supplies. According to Price, an independent engineering report found that the planned drilling site could contain up to 13 billion barrels of crude oil.
The amount of oil in the Jameson Land Basin and whether it can be economically extracted will not be known until exploratory drilling is conducted.
TRUMP’S GREENLAND OBSESSION IS NO RANDOM. THIS IS WHAT I BUY
A container ship floats in a harbor in Nuuk, Greenland. Arctic islands are a strategic geographic location for the US military. (Julia Wäschenbach/image alliance/Getty Images/Getty Images)
Price has positioned the company’s project as a long-term solution to slow down chokepoints in the global supply chain caused by conflicts like the war in Iran.
“If we are successful, or even partially successful, this could help some chokepoints in the Middle East. So of course the US government has recognized what our project is and is monitoring it,” Price told Fox Business.
According to Price, measurements taken on the surface of the proposed drilling site show that Greenland Energy Company’s crude oil aims to extract oil that matches the genes found in the North Sea, which means that European refineries may have the ability to process it.
TRUMP’S AMBITIOUS ENERGY BET COULD BE US’S WINNING HAND AS THE WORLD GETS MORE, MORE GAS FROM
Finding new oil supplies in “friendly jurisdictions” is important for the United States to maintain its independence from foreign oil supplies, Price said.
“It is incumbent upon the United States to look beyond shale plays for energy sources moving forward,” said Price.
“The supply is dwindling, and that’s why we need to find friendly jurisdictions like Greenland to bring new oil supplies to the people of the United States and the European community,” he said.
The Greenland government says the Jameson Land project remains in the exploration phase, and exploratory drilling cannot begin until an environmental social impact assessment is approved. The government previously rejected a proposed timeline for drilling in the winter of 2026/2027, according to a statement on the website.
Price told Fox Business that his company has filed all environmental reports and plans to drill the first well at some point in 2027.
TRUMP’S APPROVAL OF FREE GREENLAND CONTROLS ARCTIC’S STRATEGIC FUTURE
President Donald Trump, Danish Prime Minister Mette Frederiksen and Greenland Prime Minister Jens-Frederik Nielsen signed a trilateral security agreement on the sidelines of the 81st United Nations General Assembly in New York, on September 22, 2026. (Brendan SMIALOWSKI/AFP via Getty Images/Getty Images)
Price is also the president of USFM Corporation, a private company that drills for minerals, including cobalt, nickel and platinum, in western Greenland.
Price said Greenland’s security is important to the future of USFM’s mineral exploration and Greenland Energy’s potential oil drilling. He pointed to the new security agreement between the US, Greenland and Denmark as an important part of the island’s resource exploration.
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The three countries signed a trilateral agreement at the UN General Assembly in September. The security agreement permanently strengthens US military rights in Greenland while asserting Greenland’s right to self-determination.
“Now we have clarity. Part of that clarity is Greenland Energy and USFM. We’re going to be in Green Land for a very long time,” Price said. “We concluded the trilateral agreement because for a company like ours, having the certainty of Greenland’s security for our long-term investment is very important.”
The security agreement does not affect existing oil permits or guarantee American resource exploration in Greenland.
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Greenland’s government declined to comment on Trump’s Social Truth announcement.