E = E0 - RT/(neF) * lnQ where Q in this case is the K expression with the initial values for the reaction O2 + 4e- + 4H+ → 2H2O
Q = 1/(PO2[H+]4) = (.20 atm)-1(10-7 M)-4
E = 1.23V - (8.314 J /mK)(298K)/((4 moles)(96485 C/mole)) * ln(Q)
I'll leave the details to you. Make sure you understand the units, the Q, and the reduction potential equation. It makes sense that the lower the PO2 and the lower the [H+], the less chemical potential there is for the reaction to go forward.