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
Northwest Atlantic Marine Ecozone Northwest Atlantic Marine Ecozone The Northwest Atlantic Marine Ecozone, as defined by the Commission for Environmental Cooperation (CEC), is a Canadian marine ecozone forming a transitional region between the cold northern waters of the Arctic Ocean and the more temperate waters in its southern extent. Stretching in a narrow strip offshore from Ellesmere Island and Devon Island in Baffin Bay, it runs parallel to the coast of Bylot Island and Baffin Island until meeting it at the Cumberland Peninsula. It covers the waters of the Davis Strait and the Hudson Strait, Ungava Bay and portions of the Labrador Sea, including