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
Baffin Bay Canadian mine in the Arctic. The mine was closed in 2002 due to declining resources and metal prices. Whereas the town still has a functional seaport and an airport, as of the 2006 census, it has an official population of zero. Baffin Bay was the epicenter of a 7.3 magnitude earthquake in 1933. This is the largest known earthquake north of the Arctic Circle. It caused no damage because of its offshore location and the small number of the nearby onshore communities. The northwestern part of the bay remains one of the most seismically active regions in eastern Canada. Five