Greenland's Untapped Oil Reserves Spark Global Interest

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Greenland may hold billions of barrels of untapped oil reserves, according to energy industry experts. The Jameson Land Basin in eastern Greenland could contain up to 13 billion barrels of oil, making it one of the largest undeveloped onshore petroleum systems in the Arctic. This geological promise has driven renewed interest in Greenland's energy potential, even as the island's leaders remain wary of geopolitical tensions surrounding its sovereignty.

Why it matters

The potential oil reserves in Greenland could become an important future energy supply source, especially as traditional oil-producing regions face increasing geopolitical instability. Accessing these reserves could help diversify global energy security and reduce reliance on politically volatile regions. However, Greenland's leaders are cautious about ceding control over the island's resources and sovereignty.

The details

According to Robert Price, CEO of March GL and incoming chief of Greenland Energy Company, the Jameson Land Basin in eastern Greenland could hold roughly 13 billion barrels of oil resource potential based on independent geological evaluations. More than $275 million in historical exploration and seismic studies have already mapped the region, identifying over 50 potential drilling targets. The basin also shows natural oil and gas seeps with biomarker signatures similar to those found in prolific fields in the Norwegian sector of the North Sea.

• In January 2026, Greenland's Prime Minister Jens-Frederik Nielsen stated that the country is "now facing a geopolitical crisis" and would choose Denmark over the United States if forced to choose.
• Pelican Acquisition Corporation is planning a merger that would take the Greenland oil project public as Greenland Energy Company, giving investors exposure to what Price calls "one of the Arctic's largest untapped onshore oil provinces."

What they’re saying

What’s next

Pelican Acquisition Corporation is planning a merger that would take the Greenland oil project public as Greenland Energy Company, giving investors exposure to the potential oil reserves in the Jameson Land Basin.