economy
Trump-linked oil venture delays Greenland drilling plans after government warning
Greenland Energy Co. and joint venture partner 80 Mile have delayed planned oil drilling in Greenland until winter 2027.
TL;DR
- Greenland Energy Co. and 80 Mile delayed oil drilling plans in Greenland until winter 2027.
- The delay follows a "strong warning" from the Greenlandic government to 80 Mile for landing drilling equipment without permission.
- The incident involved equipment landing near Nerlerit Inaat Airport on Greenland's east coast.
- Greenland Energy Co. and 80 Mile stated they believed they had permission for storage space but required a separate permit from the mineral resources authority.
- Greenland previously stopped issuing new oil exploration licenses in 2021 due to the climate crisis.
- Greenland Energy Co. has links to individuals and businesses associated with the Trump administration.
- The Jameson Land Basin is described as a highly prospective yet undrilled oil basin.
- Previous exploration attempts in Greenland have been unsuccessful, with hundreds of millions of dollars spent on unsuccessful wells, primarily offshore.
- Logistical challenges are significant for drilling in this remote Arctic basin.
- Shares of Greenland Energy Co. and 80 Mile fell significantly following the news.