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Revenues by Segment | 12 Months Ended
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Dec. 31, 2025
Revenues by Segment [Abstract] |
REVENUES BY SEGMENT | NOTE 16 — REVENUES BY SEGMENT In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different services. Based on management’s assessment, the Company has determined that it has two operating segments as defined by ASC 280 as follow:
| ● | Sale of crude oil
| ● | Sale of oil-based products
Information regarding the results of each reportable segment is included below. Performance is measured based on segment revenue and gross profit/(loss), as included in the internal management reports that are reviewed by the Company’s CODM. Both segment revenue and gross profit/(loss) are used to measure performance as management believes that such information is the most relevant in evaluating the level of activities and results of these segments. The following tables present summary information by product type for the financial years ended December 31, 2023, 2024 and 2025, respectively:
|  | Financial Year ended December 31, 2023 |
|  | Sale of Crude Oil |  |  | Sale of Oil-Based Product |
|  | US$’000 |  |  | US$’000 |
Revenue |  |  | 252,070 |  |  |  | 37,096 |
Gross Profit |  |  | 3,599 |  |  |  | 530 |
|  | Financial Year ended December 31, 2024 |
|  | Sale of Crude Oil |  |  | Sale of Oil-Based Product |
|  | US$’000 |  |  | US$’000 |
Revenue |  |  | 169,472 |  |  |  | 145,444 |
Gross (Loss)/Profit |  |  | (13,613 | ) |  |  | 17,911 |
|  | Financial Year ended December 31, 2025 |
|  | Sale of Crude Oil |  |  | Sale of Oil-Based Product |
|  | US$’000 |  |  | US$’000 |
Revenue |  |  | 182,574 |  |  |  | 125,173 |
Gross Profit |  |  | 1,412 |  |  |  | 1,132 |
In the following table, revenue is disaggregated by the timing of revenue recognition.
|  | Financial Year ended December 31, 2023 |
|  | Sales of Crude Oil |  |  | Sales of Oil-Based Product |
|  | US$’000 |  |  | US$’000 |
Timing of revenue recognition: |  |  |  |  |  |
Point in time |  |  | 252,070 |  |  |  | 37,096 |
|  | Financial Year ended December 31, 2024 |
|  | Sales of Crude Oil |  |  | Sales of Oil-Based Product |
|  | US$’000 |  |  | US$’000 |
Timing of revenue recognition: |  |  |  |  |  |
Point in time |  |  | 169,472 |  |  |  | 145,444 |
|  | Financial Year ended December 31, 2025 |
|  | Sales of Crude Oil |  |  | Sales of Oil-Based Product |
|  | US$’000 |  |  | US$’000 |
Timing of revenue recognition: |  |  |  |  |  |
Point in time |  |  | 182,574 |  |  |  | 125,173 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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