 U.S. Geological Survey found in 2001 that the waters off north-eastern Greenland, in the Greenland Sea north and south of the Arctic Circle, could contain up to of oil.Greenland has offered 8 license blocks for tender along its west coast by Baffin Bay.Currently, 7 of those blocks have been bid for by a combination of multinational oil companies and the National Oil Company NUNAOIL.