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
Hudson Complex to the east. The Fury and Hecla Strait, between Baffin Island and the Melville Peninsula, is the transition to the Lancaster Sound marine ecoregion to the northwest. Hudson Complex The Hudson Complex is a marine ecoregion in Canada, part of the Arctic marine realm. The Hudson Complex includes Hudson Bay and smaller James Bay to the south, as well as the Foxe Basin, Hudson Strait and Ungava Bay. The Canadian mainland surrounds the Hudson Complex on the west and south, and Baffin Island on the north. Straits connect the Hudson Complex to other marine ecoregions to the northwest and east.