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.
Prince of Wales Strait Prince of Wales Strait The Prince of Wales Strait is a strait in the Northwest Territories of Canada separating Banks Island to the northwest from Victoria Island to the southeast. It extends from Viscount Melville Sound in the northeast to Amundsen Gulf in the southwest. From late winter it is filled by ice that usually does not break up until August, if at all. Its namesake, Prince of Wales Island, lies over two-hundred miles to the east. The strait is a possible route for the Northwest Passage. The Parry Channel leads 600 miles west from Baffin Bay to the strait