US Prospectors Flock to Greenland, but Geologists Doubt the Oil Bet

what happened

According to the Wall Street Journal, the agreement that ended President Trump's push to take control of Greenland has drawn a new group of prospectors who believe valuable resources lie beneath the ice. Texas oil hunter Robert Price says he could recover as many as 13 billion barrels, a volume roughly comparable to Alaska's Prudhoe Bay. Danish and Greenlandic geologists consider those expectations overstated and put the chance of finding usable oil in the basin at no more than 7%.

The deal with Greenland and Denmark bars China and Russia from investing in the island's resources without US approval. Still, investors face local distrust, environmental concerns and a harsh climate. Price's Greenland Energy does not hold the drilling rights, which belong to the British company 80 Mile. Drilling has been postponed until at least late next year, after a barge carrying equipment reached the peninsula without the permission of the Greenlandic government.

The Journal also looked at Greenland Development Partners, an investment group chaired by Josette Sheeran, which bought a house in Nuuk through a local partner. Many of the group's details could not be verified by the newspaper, and Sheeran did not respond to requests for comment.

why it matters

For markets, the story is a reminder that Arctic resource projects remain highly speculative. Exploration depends on licenses, political approval and geology, and early-stage bets carry low odds. A single small license is unlikely to move oil prices, so the news mainly shows how geopolitics shapes foreign investment in strategic regions.

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