As discussed by Dr. Robert Pappas in his video linked here, this oil is thicker than traditionally distilled essential oil. It's a by-product of the process used to create the Boswellic Acid wet powder, also available here at AromaMatrix. The Frankincense resin used is Boswellia carterii.
The odor is stronger than your typical Frankincense essential oil, and will make a wonderful addition to any formulations you may have. You can also diffuse it and use it as you would Frankincense essential oil.