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.
Northwest Atlantic Marine Ecozone Northwest Atlantic Marine Ecozone The Northwest Atlantic Marine Ecozone, as defined by the Commission for Environmental Cooperation (CEC), is a Canadian marine ecozone forming a transitional region between the cold northern waters of the Arctic Ocean and the more temperate waters in its southern extent. Stretching in a narrow strip offshore from Ellesmere Island and Devon Island in Baffin Bay, it runs parallel to the coast of Bylot Island and Baffin Island until meeting it at the Cumberland Peninsula. It covers the waters of the Davis Strait and the Hudson Strait, Ungava Bay and portions of the Labrador Sea, including