A Texas-based company with links to President Donald Trump has delayed plans to drill for oil in Greenland, after the Arctic island's government issued a "strong warning" to its joint venture partner for bringing equipment ashore without permission.
Greenland Energy Company, a Nasdaq-listed oil and gas exploration firm, said Wednesday that it was now working toward a targeted permit timeline for winter 2027, delaying its plans to try to unlock the hydrocarbon potential of the Jameson Land Basin on Greenland's east coast.
London-listed 80 Mile, the joint venture partner of Greenland Energy for the project, also confirmed the delay to drilling plans following talks with Greenlandic authorities.
"Operating in the Arctic requires patience, flexibility and a long-term perspective. We will use this time to refine our plans and deepen relationships with local communities, strategic partners and relevant authorities," Greenland Energy Company CEO Robert Price said in a statement.