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.
Hillsborough Bay Hillsborough Bay Hillsborough Bay is a bay on the south shore of Prince Edward Island, Canada and is a sub-basin of the Northumberland Strait. Hillsborough Bay is the largest bay in terms of surface area in Prince Edward Island, followed by Malpeque Bay. Its southerly limits are Rice Point in the west and Point Prim in the east. It opens directly south and west onto the Northumberland Strait while its northern and eastern shores are formed by Prince Edward Island; the Point Prim peninsula also extends along its southeastern boundary. The bay is notable for the entrance to Charlottetown Harbour