Tejon won the crucial backing of environmentalists in May 2008, when it agreed to put its 240, 000 undevelopable acres into a conservation land trust. (Tejon has retained the right to ranch, farm and prospect for oil on these lands and even sell large chunks, most likely to the environmentalists.) Full approval would enable Tejon to put up 26, 000 homes on the 30, 000 acres not included in the deal.

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The specific things that make oil companies successful are in how to prospect for, find, drill for, pump up, refine and sell oil.

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For Greenland, the prospect of oil revenue is tied to its aspirations to independence.

ECONOMIST: Resources: Hidden treasure | The