Present Oscar and make allowance for speech (7)
I believe the answer is:
oration
'for speech' is the definition.
(oration is a kind of speech)
'present oscar and make allowance' is the wordplay.
I cannot quite understand how this works, but
'oscar' could be 'o' (phonetic alphabet: alpha, bravo, charlie etc.) and 'o' is located in the answer.
'and' could be 'n' (common abbreviation for 'and') and 'n' is found within the answer.
'allowance' could be 'ratio' (I've seen this before) and 'ratio' is found within the answer.
No letters remain.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for oration that I've seen before include "Type 16 [OF SPEECH]" , "A formal or ceremonial speech" , "A long ceremonial speech" , "eulogy" , "Address" .)