7. ASSET RETIREMENT OBLIGATIONS

The following table summarizes the changes in our asset retirement obligations:



Accretion is recorded in the line item “Depreciation, depletion and amortization” of our consolidated statements of operations.

We are required under the Etame PSC to conduct regular abandonment studies to update the estimated costs to abandon the offshore wells, platforms and facilities on the Etame Marin block.  The most recently completed abandonment study was in January 2016. The final results of the abandonment study resulted in an increase in the costs necessary to fund future abandonment obligations.