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.
Somerset Island (Nunavut) Somerset Island (Nunavut) In the Canadian Arctic Archipelago, Somerset Island (Inuktitut "Kuganajuup Qikiqtanga") is a large, uninhabited island separated by the wide Bellot Strait from the Boothia Peninsula in the Qikiqtaaluk Region of Nunavut, Canada, lying between Peel Sound (across which lies Prince of Wales Island) and Prince Regent Inlet (across which lies Baffin Island). It has an area of , making it the 46th largest island in the world and Canada's twelfth largest island. Around 1000 AD, the north coast of Somerset Island was inhabited by the Thule people, as evidenced by whale bones, tunnels and stone ruins. William