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
Coburg Island Coburg Island Coburg Island (Inuktitut: Nirjutiqavvik) is an uninhabited island in Qikiqtaaluk, Nunavut, Canada. It is one of the members of Queen Elizabeth Islands located in Baffin Bay's Lady Ann Strait. It is separated from Ellesmere Island by Glacier Strait; Devon Island is to the south. Elsewhere in Nunavut, there is also a tiny Saxe-Coburg Island, lying in Davis Strait, south of Leopold Island, itself east of Baffin Island's Cape Mercy (Cumberland Peninsula). The island is characterized by cliffs, rocky shores, and tundra. Bowhead whale, narwhal, polar bear, seal, walrus, and white whale frequent the area. Coburg Island has several