An energy exploration company hoping to begin oil drilling in Greenland next year says U.S. President Donald Trump’s threats to acquire the territory are overshadowing efforts to develop its resources. The British firm 80 Mile holds, through a subsidiary, the drilling license to the Jameson Land Basin—an untapped area in East Greenland covering roughly two million acres.
The companies involved in the project were recently censured by the Greenlandic government for moving it forward without obtaining the necessary permissions, and their planned date for initial exploratory drilling has been pushed back to winter 2027. 80 Mile told Newsweek that it believes the project has significant upside potential for Greenland itself, and that it was frustrated that efforts to capitalize on the Arctic territory’s energy potential had been eclipsed by the ongoing dispute over its sovereignty. In 2021, Greenland’s government announced that it would stop issuing new oil and gas exploration licenses, effectively banning the practice over environmental concerns. However, the project is possible thanks to a preexisting license originally granted to White Flame Energy, which 80 Mile acquired in 2024.
Their joint venture partner, the Texas-based Greenland Energy, will assume a majority stake in the project in exchange for $60 million in funding and for conducting the “technical planning, operational readiness, logistics, and overall project coordination.” Greenland Energy boasts many links to the current U.S. administration—Carol Craig, a director, leads a defense tech firm working on Trump’s "Golden Dome" missile defense system, while Phil McGraw—the TV personality and Trump ally better known as Dr. Phil—has been tasked with hosting a six-part documentary about Greenland Energy's "historic Jameson Land Basin project." 80 Mile told Newsweek that the project has “the potential to rewire global oil flows if successful,” while Greenland Energy believes the two-million-acre area could be home to around $1 trillion worth of oil. While Trump’s interest in the Arctic territory dates back to his first term, proposals and threats to buy or annex Greenland have become more frequent since early last year.
Last March, Trump refused to rule out using military force to take over the island, and similar remarks over his presidency have raised concern among America’s European allies and U.S. lawmakers. The president has even threatened U.S. allies with tariffs for refusing to support the acquisition, though he backed down in January after reaching a “framework of a future deal” over the territory. Officials from both Greenland and Denmark have rejected the possibility of U.S. ownership, and the three parties have been working this year on a compromise that could address American concerns about Arctic security as well as sovereignty.
As 80 Mile acknowledged, much of the discussion around the Jameson project has concerned the president and his posturing toward Greenland, rather than the project itself or the company’s other work developing Greenland’s natural resources. 80 Mile is currently involved in several rare earths projects in the territory. It recently began fieldwork at a deposit in South Greenland alongside the Australian-American company Critical Metals Corp, and is progressing on another in West Greenland. The latter is in partnership with USFM Corporation, a mineral exploration company connected to Robert Price, the CEO of Greenland Energy.
Wahden said that the Jameson project would not itself bolster Trump’s case for annexation or an increased role of public and private U.S. interests in Greenland. However, he said that if the project captures the president’s attention, this could restart his aggressive posturing toward Greenland and “derail the stabilization process” that Greenland and Denmark have been pushing for this year. After the companies received a “strong warning” from Greenlandic authorities for moving equipment to Greenland without securing the proper permissions, the government said that the project itself demanded a more thorough regulatory review before any drilling could commence.
Extract — continue reading at the source.
