Concession (lease)
Concession (lease): A grant of access for a defined area and time period that transfers certain rights to hydrocarbons that may be discovered from the host country to an enterprise. The enterprise is generally responsible for exploration, development, production and sale of hydrocarbons that may be discovered. Typically granted under a legislated fiscal system where the host country collects taxes, fees and sometimes royalty on profits earned (SPE).
Source: http://gekengineering.com/Downloads/Free_Downloads/Glossary_of_Petroleum_Engineering_Terms_25_August_2010.pdf
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Author of the text: George E. King Engineering
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