XML 64 R28.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Provision for Income Taxes | Provision for income taxes consists of the following:
(in thousands) |  | Year Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
U.S. Federal: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | - |  |  | $ | - |  |  | $ | - |
Deferred |  |  | - |  |  |  | - |  |  |  | - |
Foreign: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 22,486 |  |  |  | 34,115 |  |  |  | 81,813 |
Deferred |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 22,486 |  |  | $ | 34,115 |  |  | $ | 81,813 |
Summary of Differences between the Financial Statement and Tax Bases of Assets and Liabilities | The primary differences between the financial statement and tax bases of assets and liabilities at December 31, 2014 and 2013 are as follows: (In thousands)
|  | 2014 |  |  | 2013 |
Deferred Tax Assets: |  |  |  |  |  |  |  |
Basis difference in fixed assets |  | $ | 63,931 |  |  | $ | 31,440 |
Foreign tax credit carry forward |  |  | 48,928 |  |  |  | 55,908 |
Alternative minimum tax credit carryover |  |  | 1,349 |  |  |  | 1,349 |
Foreign net operating losses |  |  | 44,228 |  |  |  | 42,688 |
Asset retirement obligations |  |  | 5,196 |  |  |  | 4,012 |
Other |  |  | 3,828 |  |  |  | 3,300 |
|  | $ | 167,460 |  |  | $ | 138,697 |
Valuation allowance |  |  | (166,111 | ) |  |  | (137,348 | )
Total deferred tax asset |  | $ | 1,349 |  |  | $ | 1,349 |
Pretax Income | Pretax income (loss) is comprised of the following:
(in thousands) |  | Year Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
United States |  | $ | (6,349 | ) |  | $ | (17,649 | ) |  | $ | (56,979 | )
Foreign |  |  | (48,715 | ) |  |  | 94,836 |  |  |  | 144,131 |
|  | $ | (55,064 | ) |  | $ | 77,187 |  |  | $ | 87,152 |
Statutory Rate Reconciliation | The statutory rate reconciliation is as follows:
(In Thousands) |  | Year Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Tax Provision Computed at Statutory Rate |  | $ | (19,273 | ) |  | $ | 27,015 |  |  | $ | 30,503 |
Foreign taxes not offset in U.S. by foreign tax credits |  |  | 4,433 |  |  |  | (2,072 | ) |  |  | 25,266 |
Permanent Differences |  |  | 135 |  |  |  | 973 |  |  |  | 2,370 |
Foreign Tax Credit Adjustments |  |  | 8,417 |  |  |  | (28,027 | ) |  |  |  |
Increase/(Decrease) in Valuation Allowance |  |  | 28,762 |  |  |  | 37,752 |  |  |  | 23,675 |
Other |  |  | 12 |  |  |  | (1,526 | ) |  |  | - |
Total Tax Expense |  | $ | 22,486 |  |  | $ | 34,115 |  |  | $ | 81,813 |
Income Tax Years Subject to Examination by Major Tax Jurisdictions | The following table summarizes the tax years that remain subject to examination by major tax jurisdictions:
United States |  | 2008-2014
Gabon |  | 2007-2014

X
- Definition Provision for income taxes. + References No definition available. + Details
Name: | egy_ProvisionForIncomeTaxesTableTextBlock
Namespace Prefix: | egy_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=32707879&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (c),(d)(2)-(3) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration