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Asset Retirement Obligations | 3 Months Ended
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Mar. 31, 2022
Asset Retirement Obligations [Abstract] |
Asset Retirement Obligations | 12. ASSET RETIREMENT OBLIGATIONS The following table summarizes the changes in the Company’s asset retirement obligations:
(in thousands) |  | As of March 31, 2022 |  | As of December 31, 2021
Beginning balance |  | $ | 40,694 |  | $ | 17,334
Accretion |  |  | 473 |  |  | 1,627
Additions |  |  | — |  |  | 14,564
Revisions |  |  | — |  |  | 7,169
Ending balance |  | $ | 41,167 |  | $ | 40,694
Accretion is recorded in the line item “Depreciation, depletion and amortization” on the condensed 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 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 a result of the expected timing of the abandonment of the FPSO, included in accrued liabilities in the condensed consolidated balance sheet is $6.8 million of costs associated with the retirement obligation as of March 31, 2022.

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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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