Davis Strait estimated that at least 13% of the world's undiscovered oil deposits and 30% of the world's undiscovered gas pockets are located in the Arctic, with the seas around Greenland potentially holding large amounts of natural gas and lesser amounts of crude oil and natural gas liquids. This has led Greenland's minister and provincial council to offer a large number of off-shore concessions to potential hydrocarbon (oil and gas) extraction. The largest concessions areas are located in seas west of Greenland, primarily the Davis Strait and Baffin Bay, but with several smaller concessions in the Greenland Sea in the east also.
M'Clure Strait M'Clure Strait The M'Clure Strait (sometimes rendered McClure Strait) is a strait on the edge of the Canadian Northwest Territories. It forms the northwestern end of the Parry Channel which extends east all the way to Baffin Bay and is thus a possible route for the Northwest Passage. The strait was named for Robert McClure, an Irish Arctic explorer serving in the Royal Navy. He was the first man to traverse the North-West Passage (by boat and sledge). The strait connects the Beaufort Sea in the west with Viscount Melville Sound in the east. It is bounded by Prince Patrick