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.
Disko Island of Qeqertarsuaq. The island is separated from Nuussuaq Peninsula in the northeast by the Sullorsuaq Strait. To the south of the island lies Disko Bay, an inlet bay of Baffin Island. Eric the Red paid the first recorded visit to Disko Island at some time between 982 and 985; the island was used as a base for summer hunting and fishing by Viking colonists. Mineral deposits, fossil finds and geological formations add to interest in the area. One of the interesting geological features is the native iron found at the island. A 22-ton lump mixture of iron and iron carbide