Energetic oil well sees abandonment of good conduct (5)
I believe the answer is:
usher
'conduct' is the definition.
(both can mean to lead or guide)
'energetic oil well sees abandonment of good' is the wordplay.
'energetic oil well' becomes 'gusher' (a well which oil gushes from).
'sees abandonment of' indicates named letters should be taken away.
'good' becomes 'g' (abbreviation).
'gusher' with 'g' taken out is 'USHER'.
(Other definitions for usher that I've seen before include "whose house collapsed?" , "Escort (to a seat)" , "He shows people to their seats in theatre" , "Person whose job is to conduct others" , "Introduce" .)