This song was written by worship leader Matt Redman.
A song that simply explains the realisation that we are not worthy to receive the love of Christ, but that he loves us unconditionally and with open arms and heart.
That by "offer(ing) up my life" and by taking my choices in a way that would, that by "pouring out the oil of love" being Christ to those we meet and those around us, that we can receive Gods love.
The lyric "in surrender I must give my every part" means that I can't hide attitudes and thoughts from him. I can't hate, dislike or mistreat people. I can't keep areas of my life and myself living in the dark. If I profess to be a christian and a recipient of his love, then every part of me must be turned over to him and his ways. Boy that takes some work!!
The second verse speaks very much about why God deserves everything we can give to him. It speaks of "the great cost" that Jesus paid when he took "all my sin and shame, there defeated my sin, opened up the gates of heaven and has beckoned me in". Jesus' sacrifice on the cross paid the way for me to enter into heaven. With out his sacrifice and his love ofr us that wouldn't have been possible.