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
Lancaster Sound Lancaster Sound Lancaster Sound (Inuktitut "Tallurutiup Imanga") is a body of water in the Qikiqtaaluk Region, Nunavut, Canada. It is located between Devon Island and Baffin Island, forming the eastern entrance to the Parry Channel and the Northwest Passage. East of the sound lies Baffin Bay; to the west lies Viscount Melville Sound. Further west a traveller would enter the M'Clure Strait before heading into the Arctic Ocean. Lancaster Sound was named in 1616 by explorer William Baffin for Sir James Lancaster, one of the three main financial supporters of his exploratory expeditions. The abortive expedition by the British explorer