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Calgary-based Stampede Drilling had received $5.7 million in upfront funding from U.S. exploration company Greenland Energy to fund upgrades for a planned Arctic drilling project. The venture has faced strong pushback from Greenland’s government. (The Logic, Financial Times)
Talking point: U.S. President Donald Trump’s threats to take control of the territory—as well as Greenland Energy’s links to Trump administration ally and television host Dr. Phil McGraw—have thrust the small drilling project into the geopolitical spotlight. Greenland’s government has said the project requires more approvals before it proceeds, and issued a “strong warning” on July 30 amid reports the companies had moved equipment to the island. Stampede said Tuesday that it hadn’t yet sent its rig to Greenland, and wouldn’t without the necessary approvals. Separately, U.S.-listed Greenland Energy said this week it would postpone drilling until winter 2027. The Canadian government has been vocal in its support of Denmark and Greenland’s “sovereignty and territorial integrity” in the face of Trump’s annexation threats.
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