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
Gulf of Boothia south. Gulf of Boothia The Gulf of Boothia is a body of water in Nunavut, Canada. Administratively it is divided between the Kitikmeot Region on the west and the Qikiqtaaluk Region on the east. It merges north into Prince Regent Inlet, the two forming a single bay with different names for its parts. It is surrounded by, clockwise, Baffin Island, Fury and Hecla Strait, the Melville Peninsula, the Canadian mainland, the Boothia Peninsula and perhaps Bellot Strait if the Gulf can be said to extend that far north. The south end is Committee Bay, northwest of which are the Simpson