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.
Baffin Island robust fur industry. Arctic hares are found throughout Baffin island. Their fur is pure white in winter and molts to a scruffy dark grey in summer. Arctic hares and lemmings are a primary food source for Arctic foxes and Arctic wolves. Lemmings are also found throughout the island, and are a major food source for Arctic foxes, Arctic wolves and the snowy owl. In the winter, lemmings dig complicated tunnel systems through the snow drifts in order to get to their food supply of dry grasses and lichens. The Arctic wolf, and the Baffin Island wolf, a gray wolf subspecies,