British firm eyes major Greenlandic oil project despite government opposition

A British company plans to begin drilling for oil in Greenland’s Jameson Land in 2026, raising new questions about the country’s moratorium on fossil fuel exploration.

According to Sermitsiaq, the company 80 Mile says new geological estimates suggest as much as 13 billion barrels of oil could lie beneath Jameson Land in East Greenland. A volume that, if confirmed, would rank among the largest untapped reserves in the Arctic.

The company took over the rights from White Flame Energy, which received exploration and exploitation licenses from the Government of Greenland (Naalakkersuisut) in 2014. Those licenses remain valid and, crucially, grant the company the right to commercialize any oil discoveries that prove economically viable, even if the government no longer supports oil development.

“The licenses are fully valid in terms of ownership,” said 80 Mile CEO Roderick McIllree in an interview with Sermitsiaq. “It’s a mistake to think the world will suddenly replace oil with solar energy. That’s naïve.”

McIllree, who has worked on Greenlandic mineral projects for more than two decades, argues that the country should consider the long-term financial benefits of oil extraction, saying it could help fund independence from Denmark.

He estimates that a discovery of 13 billion barrels, sold at 60 dollars per barrel, could generate over 780 billion dollars in value. Under existing tax-sharing rules, Greenland could receive about 30 percent of the profit—roughly 4 million dollars for every citizen, McIllree said.

Tension with government policy

Greenland’s government banned new oil exploration and exploitation in 2021, citing environmental concerns and the country’s commitment to green energy. All other companies operating under previous licenses have since withdrawn.

But the Jameson Land licenses are an exception. Granted before the moratorium, they remain legally binding for another decade under the 2014 terms.

The Ministry of Minerals confirmed to Sermitsiaq that 80 Mile has been allowed to transport equipment into the license area in preparation for future exploration, though it has not yet been authorized to establish a base camp or port facilities.

U.S. involvement

80 Mile has signed a financing agreement with the U.S. company March GL, which will oversee the planned drilling, and with Pelican, a Nasdaq-listed firm expected to rebrand as Greenland Energy.

McIllree said these partnerships bring “decades of Arctic oil experience” to the project but denied any contact with the U.S. government.

“Our discussions are solely with Naalakkersuisut and the ministries,” he said.

A question of sovereignty

While environmental groups have welcomed Greenland’s shift away from fossil fuels, McIllree insists that oil revenues could provide the foundation for true economic independence.

“Greenland can sit passively and let the rest of the world exploit its resources, or it can take advantage of its own,” he told Sermitsiaq. “Handled correctly, Jameson Land could generate income for five generations.”