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.
Kaigani Strait Bay lies on the southwest side of Kaigani Strait, above Kaigani Point and about southward of Howkan. Kaigani Strait Kaigani Strait (also, Kaigahnee, Kaigan, Kaijani) is a waterway in the U.S. state of Alaska, the southern part of the strait between Long Island and Dall Island. Native name, reported by Etolin, 1833, as Kalgan. Kaigani is the narrow passage extending from Dixon Entrance to Tlevak Strait and separating Long Island from Dall Island. Howkan Narrows is the narrowest part of the passage, with kelp-marked reefs, from American Bay to above Channel Island. The strait little used except by small craft.