 The cold Labrador Current and the warm Gulf Stream meet on the Grand Banks, making the area not only one of the richest fishing grounds in the world, but also one of the foggiest areas.The Grand Banks are an area of significant petroleum production with Hibernia, White Rose and Terra Nova oil fields all located there.Approximately 90% of icebergs in the North Atlantic come from about 100 iceberg-producing glaciers on the Greenland coast.