Greenland Sea
US 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 Greenland Sea potentially holding large amounts of natural gas and lesser amounts of natural gas liquids and crude oil. This has led the Greenland's minister and provincial council to offer a large number of off-shore concessions to potential hydrocarbon (oil and gas) extraction. The majority of the concessions are located in seas west of Greenland (primarily the Davis Strait and Baffin Bay), but with 19 concessions in the Greenland Sea.