The discovery is the second for Apache and Total in Block 58, following Maka Central-1 in January. The Noble Sam Croft drilled the well to a depth of approximately 20,700 ft and successfully tested for the presence of hydrocarbons in multiple stacked targets in the upper Cretaceous-aged Campanian and Santonian intervals.

ExxonMobil said in a statement that it will apply its experience with polymer-based technologies in combination with GCMI to facilitate development and expedite third-party production of safety equipment for health care workers fighting the COVID-19 pandemic, including industrial-grade masks and face shields that can be sterilized and worn multiple times.

The global consultancy estimates that almost all pre-FID projects will be deferred and that, of the more than 50 projects it identified with potential to go ahead this year, only 10 have a chance of proceeding. This equates to around $110 billion of deferred investment with an additional $100 billion at risk.

The revised CAPEX figure of $780 million represents a 46% drop from Murphy Oil's original 2020 capital spending plan. As part of the move, the company's President and CEO will receive a 35% salary reduction, while other executives will see salary cuts as high as 30%.

First gas involved the tieback to a 4,265-ft well at the Vashishta facility in the Krishna Godavari Basin offshore India, which McDermott said was the deepest water depth opened by the Indian NOC. The announcement comes less than 14 months after the project award in late 2018. McDermott said the project is the largest subsea project in India.

The company said it expects to save more than $300 million due to the restructure, with the bulk of those savings coming in its 2020 budget. It previously targeted $150 million in savings. The announcement comes on the heels of Apache's decision to cut $650 million, around 33%, from its 2020 CAPEX in the wake of the oil price drop spawned in part by the COVID-19 pandemic.

The company did not announce specific spending cuts, but it said it expects total spend for this year to range between $210 and $230 million, a significant drop from its previous estimation of $275 to $300 million. The budget is still expected to include amounts for walking rig conversions and certain in-process corporate projects, including information technology initiatives.

Denbury said it expects estimated full-year 2020 oil and gas production to go down by approximately 3,000 boe/d from the 54,000 boe/d midpoint of its initial 2020 production estimates, with roughly half of that drop coming from a reduction in spending.

Despite its plans to lower capital spend from $520 million to $430 million, the company still sees the potential for meaningful improvements in natural gas and NGL pricing as US shale goes through significant investment reductions.

The massive North Sea offshore development is expected to reach plateau production in early May, ahead of its previously anticipated summer date. Equinor said that it will increase the plateau by 30,000 bbl/D of oil due to higher plant capacity.