Critical Materials & Supply Chain▼
Greenland orders US company's oil drilling plan postponed to 2027
Greenland authorities have ordered Greenland Energy, a US oil company with ties to the administration of President Donald Trump, to postpone its Arctic drilling plans until the winter of 2027 after the company brought drilling equipment ashore without permission and the environmental and social impact assessment process has not yet been completed. The delay runs counter to remarks by Jeff Landry, the US envoy to Greenland, who had previously suggested that oil from the area could begin production within about 10 months. Robert Price, CEO of Greenland Energy, confirmed that the company will proceed with the project responsibly and fully comply with Greenland's regulatory processes, while the company's share price fell by more than a third after the news was announced.