The right but not the obligation to produce oil from one of your existing oil wells can be described as

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The right but not the obligation to produce oil from an existing oil well is an example of a real option, which is a type of financial option that gives the holder the right (but not the obligation) to make a decision about a valuable asset or investment opportunity in the future. This is different from a stock option (B), which gives the holder the right to buy or sell a stock at a predetermined price, an interest rate option (C), which is a derivative instrument that allows the holder to take a position on the future direction of interest rates, or a future (D), which is a contract between two parties to buy or sell an asset at a predetermined price and date in the future.

The Right but Not the Obligation to Produce Oil from One