Greenland Energy, the Texas-based firm leading the project, had hoped to begin drilling operations as early as October in the Jameson Land Basin in eastern Greenland—an estimate cited there could be up to 13bn barrels of prospective oil resources, but analysts who set that number have called it “highly speculative.”
The Greenland government on Wednesday issued a statement detailing that the “necessary regulatory process cannot be completed, and the necessary approvals cannot therefore be obtained before the planned start of drilling.”
Greenland Energy’s venture partner, the British outfit 80 Mile, said the team remains “fully committed to the project and intends to commence drilling as soon as the necessary approvals have been received and the programme can be undertaken safely and responsibly.” Greenland Energy’s share price dropped in the aftermath of the announcement.
President Donald Trump’s Greenland special envoy Jeff Landry in May, when asked about strategic interests that the U.S. may have in Greenland, honed in on the possibilities surrounding oil.
The U.S. interest comes amid a tense geopolitical backdrop, as Trump has repeatedly threatened to annex Greenland, a semi-autonomous territory of Denmark, since returning to office. Greenlandic and Danish officials have made it explicitly clear this is not something they are open to.
But much more than a license is needed before digging can start. It’s a complex process with various authorization steps that need to be completed along the way. The U.S.-based oil company's project faltered on one of these steps earlier in the summer, leading to a stern warning being issued by the Greenland government and a whole host of discussion.
In March, Greenland Energy’s executives said they had obtained the rights from 80 Mile and its subsidiary company for licenses attached to the Jameson Land Basin in east Greenland.
On July 30, Greenland's Ministry of Industry and Mineral Resources issued a stern warning after learning equipment for the drilling project had been moved to the island’s eastern coast without authorization.
The government added that “the licensee did not have the necessary approvals from the mineral resources authority in place before initiating this operation,” however they opted against pushing for the equipment to be transported back, stating it would not be a proportionate demand.
80 Mile acknowledged the government's concern over the moving of the equipment, saying it "takes this warning seriously.”
What do we know about Greenland Energy—and does it have links to Trump’s circle?
Some coverage of Greenland Energy's actions has portrayed the firm as a "Trump-linked" company, focusing on potential links to the President.
Carol Craig, who was appointed to Greenland Energy’s board in June, is the founder, CEO, and chair of Sidus Space—which in late 2025 was selected as one of the contract awardees to support Trump’s Golden Dome missile-defense strategy.
The TV personality’s Envoy Media company has partnered with Greenland Energy in creating a six-part documentary series about the company’s “arctic exploration.”
“I think it's going to be a fascinating journey and I thank you for allowing us to be part of it,” McGraw said.
Tensions between the U.S. and Greenland
Price and Swets have stated their exploratory efforts in Greenland are not related to American annexation.
The fact a U.S.-based company is at the forefront of the project has arguably resulted in the government warning receiving more international focus, experts say.
Trump shocked European allies in January when he threatened to burden them with additional tariffs unless Denmark agreed to sell Greenland—this was later walked back, but the economic threat garnered widespread backlash from world leaders.
The President has repeatedly stated that the U.S. needs to acquire Greenland as a matter of “national security.” Greenland's positioning between the U.S., Russia, and Europe makes it a strong geopolitical asset, and Trump has argued that Denmark cannot be relied upon to protect the island.
“They've been sticking to insisting that we will help America take care of its legitimate security concerns, but we don't want to give away our self determination and our sovereignty,” he says.
At the NATO Summit in Turkey in July, Trump again said Greenland “should be controlled by the U.S., not by Denmark" and as recently as Aug. 1 the President posted an edited picture of himself peering over the Nordic territory with the caption, “Hello, Greenland!”
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