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 Similarly, Qikiqtarjuaq is situated on the Broughton Island which located near the northern coast of the Cumberland Peninsula. There are discussions to start the Baffinland Iron Mine, an iron ore mine with a 21-year life, at Mary River, and to build a railway and a port to transport the ore. This may create a temporary mining community there. Baffin Island has both year-round and summer visitor wildlife. On land, examples of year-round wildlife are barren-ground caribou, polar bear, Arctic fox, Arctic hare, lemming and Arctic wolf. Barren-ground caribou herds that migrate in a limited range from northern Baffin island down