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Revenues by Segment
 12 Months Ended
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