Concession

{
  "id": "MLC-T-OAG-000799",
  "term": "Concession",
  "field": "Oil and gas",
  "definition": "A contractual agreement between a host government and an oil company, granting the company the exclusive right to explore for, develop, and produce hydrocarbons within a defined area for a specified period. Under a concession, the company typically owns the produced oil and gas and is responsible for all costs and risks. The government receives royalties, taxes, and sometimes a share of profits.",
  "subject": "Oil and Gas Business",
  "url": "https://mlchart.com/terminology/oil-and-gas/concession/"
}