US oil company holds key to Trump's Greenland drilling ambitions

A U. S. company says it could be drilling for oil in eastern Greenland in 2027, a timeline that gains attention after President Donald Trump declared on Truth Social that oil, gas and mineral exploration in what he called "our new and beautiful Greenland" was about to start. His post gave no specifics on timing or method, according to Fox Business.

Greenland Energy Company, led by CEO Robert Price, is seeking permits for its first well in the Jameson Land Basin. It works alongside the British firm 80 Mile and asserts that the pair control the only exploratory oil permits on the island. Greenland's government quit issuing new oil and gas permits in 2021 over environmental worries, though earlier ones stay valid and still need approval before any extraction. Per the Ministry of Business and Mineral Resources, 80 Mile's subsidiary White Flame Energy received two permits in 2015 and one in 2018. Greenland Energy invested in the venture and would run operations.

Price says an independent engineering study put the potential at as much as 13 billion barrels, but nobody will know the real volume, or whether recovery makes economic sense, before test wells are drilled.

Summarized by PolitiKool from Fox Business’s reporting. Read the full story at Fox Business →