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.
Balikpapan Bay Balikpapan Bay Balikpapan Bay (Indonesian : "Teluk Balikpapan"), is a bay in Indonesia, near Borneo island close to the city of Balikpapan, East Kalimantan, Indonesia. The Indonesian company Pertamina has its largest oil refinery on the eastern side of the bay. Balikpapan Bay is located on the western side of Makassar Strait, in the south-west of the Pacific Ocean. The bay is bordering several areas. Balikpapan bay is the mouth of several rivers such as Wain River before merging into Makassar strait. Several public ports were located in Balikpapan Bay, such as: Private ports were also located in this area,