Canadian firm got $4M to ready rig for now-stalled Greenland drilling plan

Alberta-based Stampede Drilling confirmed it received $4 million from U.S. firm Greenland Energy Company to upgrade a drilling rig for Arctic operations. However, the rig remains in Canada and has not been transported to Greenland, nor has any drilling activity occurred there.

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Greenland Energy Company has provided $4-million USD in upfront capital funding toward those upgrades.

Stampede Drilling's statement followed a dispute between Greenland Energy and the Greenland government. Greenland Energy had moved drilling equipment to the island's east coast without permission, leading to a warning from the government in late July. The U.S. company subsequently announced a delay in drilling until "winter 2027."

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It has not been transported to, landed in or operated in Greenland, and Stampede Drilling Inc. has not conducted any drilling activity in Greenland.

Greenland's government stated that the plans to drill were unauthorized and that Greenland Energy lacked the necessary permits. The government also noted that a permit previously granted to a British firm, an associate of Greenland Energy, was no longer valid. The planned exploration project is located in the Jameson Land Basin, an area described by Greenland Energy as one of the largest underexplored conventional hydrocarbon basins in the Western world.

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has become aware