Oil Discovery
Shell’s Velox-1X exploration well off the coast of Egypt has encountered promising oil indicators and could lead to the first crude oil discovery in the under-explored Western Mediterranean region.
Drilling of the Velox-1X well in the North Cleopatra concession, also known as the Herodotus Basin area, began on 23 May 2026 and reached the planned geological targets at a total depth of around 6,500 metres.
The well was drilled in approximately 2,800 metres of water — reportedly the greatest depth of any well drilled in the Mediterranean to date — using the Stena IceMAX drillship.
Operations finished around 10 days ahead of schedule and under budget. The site is located approximately 90 kilometres off Egypt’s Mediterranean coast.
Shell operates the well in partnership with the Egyptian Natural Gas Holding Company (EGAS), Chevron, and Egypt’s Tharwa Petroleum. QatarEnergy is reportedly in the process of joining the partnership.
Exploration teams have recovered a crude oil sample and are analysing geological and technical data, including electrical logging results, to assess the findings and decide on next steps, which could include drilling additional appraisal or exploration wells.
This well forms part of Shell’s wider 2026 offshore campaign in Egypt. This campaign has also included the discovery of gas at other wells, such as Sirius-1X, earlier in the year. It has also involved the ongoing development of previous gas discoveries, such as Mina West.
Egypt has been encouraging exploration to reverse gas production declines and support domestic supply, with reforms aimed at improving the investment climate.
No commercial volumes or full appraisal results have been announced yet.
