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 a classic example of a real option. Real options are options that are not financial, but rather based on tangible assets or real investments. In this case, the tangible asset is the oil well, and the option to produce oil is the real option.

The Right but Not the Obligation to Produce Oil from One