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Apache, Total make significant oil discovery at Sapakara West-1 offshore Suriname

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.

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McDermott announces early first gas on ONGC’s 92/8 block project offshore India

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.

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Apache doubles estimated cost savings from organizational redesign

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.

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Helmerich & Payne to reassess 2020 CAPEX, examine cost structure amid economic uncertainty

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.

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