What is another word for petroleum royalty?
Pronunciation: [pətɹˈə͡ʊliːəm ɹˈɔ͡ɪə͡lti] (IPA) 
Petroleum royalty is a term commonly used to refer to the payment made by an oil exploration or production company to a mineral rights owner for the right to extract oil or gas from a particular piece of land. There are several synonyms for this term, including oil royalty, natural gas royalty, mineral royalty, and resource royalty. These terms are frequently used interchangeably and refer to the payment made to the owner of the mineral rights. The amount of the royalty payment is contingent upon the amount of oil or gas production and is typically calculated based on a percentage of the total value of the produced oil or gas.
