Complex sentence: A landowner with petroleum or mineral rights to their property may license to another party rights to extract those resources in exchange for a resource rent, or a royalty on the value of the resources sold.
Split into simpler sentences: A landowner with petroleum or mineral rights to their property may license to another party rights to extract those resources. In exchange the landowner asks for either a resource rent, or a "royalty payment" on the value of the resources sold.