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
Baffin Bay Merchants of London, Discoverers of the North-West Passage". Their governor Thomas Smythe organized five expeditions to explore the northern coasts of Canada in search of a maritime passage to the Far East. Henry Hudson and Thomas Button's explored Hudson Bay, William Gibbons Labrador, and Robert Bylot Hudson Strait and the area which became known as Baffin's Bay after his pilot William Baffin. Aboard the "Discovery", Baffin charted the area and named Lancaster, Smith, and Jones Sounds after members of his company. By the completion of his 1616 voyage, Baffin held out no hope of an ice-free passage and the area