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OIL AND GAS PROPERTY, NET | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2021 | Dec. 31, 2020
Extractive Industries [Abstract] |  |
OIL AND GAS PROPERTY, NET | NOTE 5 – OIL AND GAS PROPERTY, NET The following tables summarize the Company’s oil and gas activities by classification. SCHEDULE OF OIL AND GAS ACTIVITIES
|  | June 30, 2021 |  |  | December 31, 2020 |
|  |  | (Unaudited) |  |  |  |  |
Oil and gas property – subject to amortization |  | $ | 22,053,581 |  |  | $ | 20,912,041 |
Accumulated depletion and impairment |  |  | (19,839,524 | ) |  |  | (19,573,054 | )
Oil and gas property – subject to amortization, net |  | $ | 2,214,057 |  |  | $ | 1,338,987 |
Oil and gas property – not subject to amortization |  | $ | 1,129,500 |  |  | $ | 1,113,494 |
Accumulated impairment |  |  | - |  |  |  | - |
Oil and gas property – not subject to amortization, net |  | $ | 1,129,500 |  |  | $ | 1,113,494 |
The following shows the movement of the oil and gas property – subject to amortization balance. SCHEDULE OF MOVEMENT OF THE OIL AND GAS PROPERTY
|  |  | Oil & Gas Property – Kruh |
December 31, 2020 |  | $ | 1,338,987 |
Additional capitalization |  |  | 1,141,540 |
Depletion |  |  | (266,470 | )
June 30, 2021 (Unaudited) |  | $ | 2,214,057 |
For the six months ended June 30, 2021, the Company incurred an aggregated development costs and abandonment and site restoration provisions, which were capitalized, at $1,141,540, mainly for the purpose of drilling 3 new wells at Kruh Block, geological and geophysical studies as well as development administration for these new wells. Depletion recorded for production on properties subject to amortization for the six months ended June 30, 2021 and 2020, were $266,470 and $265,625, respectively. Furthermore, for the six months ended June 30, 2021, the Company did no t record any impairment to the oil and gas property according to the ceiling tests conducted, which showed that the present value of estimated future net revenues generated by the oil and gas property exceeded the carrying balances. | NOTE 6 – OIL AND GAS PROPERTY, NET The following tables summarize the Company’s oil and gas activities by classification. SCHEDULE OF OIL AND GAS ACTIVITIES
|  | 2020 |  |  | 2019 |
|  | As of December 31, |
|  | 2020 |  |  | 2019 |
Oil and gas property – subject to amortization |  | $ | 20,912,041 |  |  | $ | 20,345,797 |
Accumulated depletion and impairment |  |  | (19,573,054 | ) |  |  | (18,918,311 | )
Oil and gas property – subject to amortization, net |  | $ | 1,338,987 |  |  | $ | 1,427,486 |
Oil and gas property – not subject to amortization |  | $ | 1,113,494 |  |  | $ | 958,133 |
Accumulated impairment |  |  | - |  |  |  | - |
Oil and gas property – not subject to amortization, net |  | $ | 1,113,494 |  |  | $ | 958,133 |
The following shows the movement of the oil and gas property – subject to amortization balance. SCHEDULE OF MOVEMENT OF THE OIL AND GAS PROPERTY
|  | Oil & Gas Property – Kruh |
January 1, 2018 |  | $ | 2,911,730 |
Additional capitalization |  |  | 166,871 |
Depletion |  |  | (1,078,784 | )
January 1, 2019 |  | $ | 1,999,817 |
Additional capitalization |  |  | 245,202 |
Depletion |  |  | (817,533 | )
December 31, 2019 |  | $ | 1,427,486 |
Additional capitalization |  |  | 566,244 |
Depletion |  |  | (654,743 | )
December 31, 2020 |  | $ | 1,338,987 |
During the years ended December 31, 2020, 2019, and 2018 the Company incurred an aggregated development costs and abandonment and site restoration provisions, which were capitalized, at $566,244, $245,202 and $166,871 respectively, mainly for the purpose of the geological and geophysical studies and drilling of wells. Depletion recorded for production on properties subject to amortization for the years ended December 31, 2020, 2019 and 2018 were $654,743,$817,533 and $1,078,784 respectively. Furthermore, the Company did not record any impairment to the Oil and gas property -Kruh Block Proven as a result of the ceiling tests conducted due to that the present value of estimated future net revenues generated by the Oil and gas property -Kruh Block Proven exceeded the carrying balances on the Consolidated Balance Sheets.

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- References No definition available. + Details
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- Definition The entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 360 -URI http://asc.fasb.org/subtopic&trid=2145654 + Details
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