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Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2021
Asset Retirement Obligations [Abstract] |
Asset Retirement Obligations | 11. ASSET RETIREMENT OBLIGATIONSThe following table summarizes the changes in the Company’s asset retirement obligations: (in thousands) As of December 31, 2021 As of December 31, 2020Beginning balance $ 17,334 $ 15,844Accretion 1,627 893Additions 14,564 359Revisions 7,169 238Ending balance $ 40,694 $ 17,334 Accretion is recorded in the line item “Depreciation, depletion and amortization” on the consolidated statements of operations.In connection with the Sasol Acquisition in February 2021, as discussed in Note 4, the Company added $14.6 million of asset retirement obligations as a result of increasing its interest in the Etame Marin blockThe 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 prepared in November 2021. At December 31, 2021, associated with the study, the Company recorded an upward revision of $7.2 million to the asset retirement obligation primarily as a result of increased costs expected with the abandonment of the Etame Marin block and a change in the expected timing of the abandonment costs associated with the termination of the FPSO charter, as discussed further in Note 12. As a result of the expected timing of the abandonment of the FPSO, included in accrued liabilities in the consolidated balance sheet is $6.7 million of costs associated with the retirement obligation associated with the FPSO. 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.

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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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