Arctic Ocean gas reserves, and the Chukchi shelf forms the border between Russian and the United States as stated in the USSR–USA Maritime Boundary Agreement. The whole area is subject to international territorial claims. An underwater ridge, the Lomonosov Ridge, divides the deep sea North Polar Basin into two oceanic basins: the Eurasian Basin, which is between deep, and the Amerasian Basin (sometimes called the North American, or Hyperborean Basin), which is about deep. The bathymetry of the ocean bottom is marked by fault block ridges, abyssal plains, ocean deeps, and basins. The average depth of the Arctic Ocean is . The
Bonaparte Basin over thick under the ocean. The basin originated from the Cambrian period to the Cenozoic era, 540 to 360 million years ago. Limestone, sandstone, mudstone, basalt, coal and glacial sediments are embedded in the basin. It contains several oil and natural gas fields amounting to 18% of Australia's known reserves of natural gas. Total estimated reserves are of oil and of gas. The sedimentary basin partially overlays the Kalkaindji province, the Birrindudu Basin and Wolfe Basin. The Bonaparte Basin has deposits of lead, zinc, iron, gold and smaller coal deposits on land, mineralised in sandstone deposits. There were studies on