Relinquishment

{
  "id": "MLC-T-OAG-003102",
  "term": "Relinquishment",
  "field": "Oil and gas",
  "definition": "The act of surrendering all or part of a petroleum exploration or production concession back to the granting government or authority. This occurs when a company determines that further investment in a particular area is not economically viable or when contractual obligations require it. Relinquishment provisions are standard clauses in most production sharing agreements and concession contracts.",
  "subject": "Oil and Gas Business",
  "url": "https://mlchart.com/terminology/oil-and-gas/relinquishment/"
}