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
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