Baffin Bay Geological Survey has 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. Accordingly, the Greenland authorities have offered a large number of off-shore concessions for potential hydrocarbon (oil and gas) extraction. The largest concession-areas are located in seas west of Greenland; primarily in Baffin Bay and the Davis Strait, but with several smaller concessions in the Greenland Sea in the east also. Baffin Bay
Melville Peninsula Melville Peninsula Melville Peninsula is a large peninsula in the Canadian Arctic north of Hudson Bay. To the east is Foxe Basin and to the west the Gulf of Boothia. To the north the Fury and Hecla Strait separates it from Baffin Island. To the south Repulse Bay and Frozen Strait separate it from Southampton Island at the north end of Hudson Bay. On the southwest it is connected to the mainland by the "Rae Isthmus" named after arctic explorer Dr John Rae. Between 1821 and 1823 its east side was mapped by William Edward Parry. Since 1999, it has