A recent agreement signed by the United States with Greenland and Denmark has sparked renewed interest among prospectors and investors hoping to tap into the island’s natural resources. Among those leading this wave is Texas oil entrepreneur Robert Price, who claims that up to 13 billion barrels of oil may lie beneath Greenland’s ice—an amount comparable to the largest oil reserves in North America. Price, chief executive of Denver-based Greenland Energy, said his experience in finding millions of barrels makes this opportunity compelling, despite the challenges posed by Greenland’s environment and local skepticism.
For over 150 years, U.S. interests have attempted to unlock Greenland’s resources, often facing obstacles ranging from political resistance to the island’s harsh climate. Current prospectors confront similar hurdles, including local concerns about environmental impact and preserving traditional ways of life. Danish and Greenlandic geologists caution that the chances of locating commercially viable oil are slim—estimated at less than 7 percent—due to erosion and other geological factors affecting the potential reservoirs.
Price is not alone in his ambitions. Drew Horn, a former Green Beret, is exploring plans for a hydropowered artificial intelligence data center on the island, while Josette Sheeran, former head of the World Food Program and a former U.S. government official, heads Greenland Development Partners, a private investment group with interests in Greenland. Their ventures have raised questions among locals and authorities, especially given Denmark’s recent law prohibiting foreigners and non-residents from purchasing property on the island. Sheeran’s group purchased a house in Nuuk through a local partner, sparking debate about foreign involvement in Greenland's economy.
The agreement signed last month restricts rival powers, notably China and Russia, from investing in Greenland’s natural resources without U.S. approval, a move intended to reduce international tensions and secure American interests. Mikkel Vedby Rasmussen, a political science professor at the University of Copenhagen, remarked that the deal could lead to increased U.S. investment and influence in Greenland.
Tensions surfaced last year when several Americans, including Horn, were accused by Danish officials of covertly attempting to sway Greenlanders against Danish rule. Horn maintains that his intent is purely business-driven, aiming for mutually beneficial deals and investor returns.
Price’s company does not currently hold drilling rights; these belong to 80 Mile, a British firm. Greenland Energy is financing drilling operations through an arrangement to gradually acquire a majority stake in licenses covering a two-million-acre site on the Jameson Land peninsula. However, Price’s attempts to engage local communities faced resistance, especially in the village of Ittoqqortoormiit, where residents expressed concern about potential environmental damage to hunting grounds and waters vital to their livelihoods.
Following initial discord, Roderick McIllree, an Australian prospector with two decades of experience in Greenland and head of 80 Mile, took over as managing director of Greenland Energy to stabilize relations. He emphasized the importance of respecting local communities and their concerns.
Despite this, Greenland Energy faced a setback when it moved equipment to the peninsula without government approval, prompting threats of law enforcement intervention. As a result, drilling plans were postponed at least until late 2027.
The investment behind Price’s venture includes $90 million raised by Illinois investor Larry Swets, who acknowledges the challenges but sees potential for economic impact through American-style entrepreneurship. Swets said while the venture may not be the easiest path to profit, it could bring meaningful development to Greenland, where many previous efforts have stalled.