Well-produced though initially crude (3)
I believe the answer is:
oil
This might be a double definition.
'well' is the first definition.
(oil well is a kind of well)
'though initially crude' is the second definition.
'oil' can be an answer for 'crude' (crude oil). I am not sure about the 'though initially' bit.
'produced' acts as a link.
Can you help me to learn more?
(Other definitions for oil that I've seen before include "Lubricant or petroleum" , "valuable commodity" , "Fluid lubricant" , "Fuel, lubricant" , "Grease" .)