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.
Victoria Strait Victoria Strait Victoria Strait is a strait in northern Canada that lies in Nunavut off the mainland in the Arctic Ocean. It is between Victoria Island to the west and King William Island to the east. From the north the strait links the M'Clintock Channel and the Larsen Sound with the Queen Maud Gulf to the south. The strait is about long and anywhere from wide. The strait is wide, with almost no islands, save for the rather large Royal Geographical Society Island near the Queen Maud Gulf at the extreme south of the strait. The strait has never been