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
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