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Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2020
Asset Retirement Obligations [Abstract] |
Asset Retirement Obligations | 11. ASSET RETIREMENT OBLIGATIONS The following table summarizes the changes in the Company’s asset retirement obligations:
|  | Year ended December 31,
(in thousands) |  | 2020 |  | 2019
Beginning balance |  | $ | 15,844 |  | $ | 14,816
Accretion |  |  | 893 |  |  | 812
Additions |  |  | 359 |  |  | 595
Revisions |  |  | 238 |  |  | (379)
Ending balance |  | $ | 17,334 |  | $ | 15,844
Accretion is recorded in the line item “Depreciation, depletion and amortization” on the consolidated statements of operations. The Company is required under the Etame PSC for the Etame Marin block in Gabon to conduct abandonment studies to update the amounts being funded for the eventual abandonment of the offshore wells, platforms and facilities on the Etame Marin block. The current abandonment study was completed in November 2018. In 2020, the Company recorded $0.4 million in additions associated with the Southeast Etame 4H development well and $0.2 million in revisions associated with a U.S. property. In 2019, the Company recorded $0.6 million in additions associated with the Etame 9H and Etame 11H development wells. In December 2019, the Company recorded $0.4 million downward revision associated with the Mutamba Iroru block onshore Gabon.

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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