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
Hudson Strait Hudson Strait Hudson Strait links the Atlantic Ocean and Labrador Sea to Hudson Bay in Canada. This strait lies between Baffin Island and Nunavik, with its eastern entrance marked by Cape Chidley in Quebec and Resolution Island off Baffin Island. The strait is about 750 km long with an average width of 125 km, varying from 70 km at the eastern entrance to 240 km at Deception Bay. English navigator Sir Martin Frobisher was the first European to report entering the strait, in 1578. He named a tidal rip at the entrance the Furious Overfall and called the strait Mistaken