A small Texas driller’s effort to unlock what could be billions of barrels of oil along Greenland’s east coast is now delayed until the end of 2027, as the company navigates local regulatory demands and the geopolitical spotlight cast by Washington’s renewed interest in the Arctic territory.
Robert Price, CEO of Nasdaq-listed Greenland Energy, told Nerve News the company halted equipment mobilization this week after the Greenland government signaled it would take more time on permits. A drilling rig already en route from Calgary to Montreal was stopped, incurring what Price described as “sunken costs” that will be partially applied to the next drilling season. The delay pushes the project back roughly 18 months from its most recent winter target.
“We had indications from the government that we’d get our permits soon and then, as it turned out, they wanted to take their time,” Price said. “It was very frustrating. We’ve had some ups and downs in the last week or so.”
The test well could hold up to 2.9 billion barrels of oil, a prize that Price insists justifies the wait. The company operates under a legacy license grandfathered past Greenland’s current moratorium on new oil and gas exploration—a ban rooted in climate concerns that has drawn renewed tension as President Donald Trump openly floats annexing the Danish territory to tap its petroleum and mineral wealth.
Greenland’s government requested drilling take place in winter months to minimize environmental impact on migratory birds and tundra, a condition Price accepted despite the operational risks of Arctic winter evacuations. “The winter can be unpredictable in the Arctic Circle, and so we do worry about the health and safety of our people if someone got injured, being able to get them out,” Price said.
The firm’s market capitalization has fallen nearly 85% since its March debut on the Nasdaq Global Market, settling around $54 million. Price maintained the company remains financially sound, preserving cash reserves while working toward a definitive permitting timeline.
The pursuit of Greenland’s hydrocarbons stretches back to the 1970s, when ARCO and other majors invested over $100 million in seismic surveys before abandoning the region after an industry downturn. Subsequent attempts, including a 2011 effort by the UK’s Cairn Energy, yielded little.
Price remains undeterred. “The prize is still there, and the upside is still there,” he said. “The timing is the only thing that’s changed.”