Shell’s Velox-1X exploration well offshore Egypt has encountered promising oil indicators, and raises the prospect of the first crude oil discovery in the underexplored Western Mediterranean region.
The early results of the well were reported by See.news, the English language site of Sada Elbalad (also styled Sada El-Balad), a major Egyptian media outlet. See.news said it has sourced the information from statements made by Egypt’s Ministry of Petroleum and Mineral Resources, and related official Egyptian sources.
Drilling of the Velox-1X well in the North Cleopatra concession (also referred to as the Herodotus Basin area) began on May 23, 2026, and reached planned geological targets at a total depth of approximately 6,500 meters.
The well was drilled in about 2,800 meters of water — reportedly the deepest water depth for any well drilled in the Mediterranean to date — using the Stena IceMAX drillship. Operations finished about 10 days ahead of schedule and under budget. The site is located roughly 90 kilometers 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 recovered a crude oil sample, and teams are analyzing geological and technical data (including electrical logging results) to assess the findings and decide on next steps, which could include additional appraisal or exploration wells.
Egyptian officials and industry reports describe the results as confirming an active petroleum system and the presence of crude oil. This boosts chances of a commercial oil discovery in the Western Mediterranean, an area that covers roughly 40% of the Mediterranean but has seen only a handful of exploration wells (around four), compared with more than 1,000 in the eastern Mediterranean.
The well is part of Shell’s broader 2026 offshore campaign in Egypt, which has also included encouraging gas indications at other wells such as Sirius-1X earlier in the year, alongside ongoing development of prior gas finds like Mina West.
Egypt has been pushing 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; evaluation is ongoing. Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, visited the site earlier in July 2026. A successful commercial outcome could open a new frontier for both oil and gas in the western basin and further attract upstream investment.
Further updates on technical evaluation will determine the scale and commercial potential.
Robban Assafina is now on WhatsApp channel. Click Here
