Greenland Delays Trump-Linked Arctic Drilling to 2027 as Stock Drops More Than One-Third
Updated
Updated · The Guardian · Aug 12
Greenland Delays Trump-Linked Arctic Drilling to 2027 as Stock Drops More Than One-Third
3 articles · Updated · The Guardian · Aug 12
Summary
Winter 2027 is now the earliest Greenland Energy can drill in Jameson Land after Greenland said approvals cannot be completed before the planned start.
Greenland officials said the timetable was too tight to assess environmental and social impacts, including drilling in a protected wetland used by rare birds and muskox-dependent hunters.
The delay follows July tensions after the company landed equipment without permission and after its chief had said a first well could be drilled in October.
Shares fell more than one-third after the setback, undercutting hopes that Trump-linked backing and claims of up to $1 trillion in oil could speed the project.
The dispute also rebuffs Trump envoy Jeff Landry's May claim that Greenland oil could be producing within 10 months, despite Greenland halting new oil-license issuance in 2021 over climate concerns.