Arab Finance: The offshore Velox-1X exploratory well in the North Cleopatra concession has yielded promising oil indicators, confirming the presence of an active petroleum system and crude oil in the area, according to a statement.
The findings raise the prospect of the first commercial crude oil discovery in the Western Mediterranean, subject to completing technical evaluations and appraisal studies.
Drilling operations, which began on May 23, 2026, successfully reached the planned geological targets at a final depth of approximately 6,500 meters.
Shell operates the well in partnership with the Egyptian Natural Gas Holding Company (EGAS), Chevron, and Tharwa Petroleum. The alliance achieved encouraging geological results that pave the way for a new phase of exploration in the region. Meanwhile, procedures are underway for QatarEnergy to join the consortium.
The companies are evaluating the results after collecting crude oil samples and analyzing geological and technical data to determine the next phase of the project, including the potential drilling of additional exploratory wells.
Located around 90 kilometers offshore Egypt's northern coast, the Velox-1X well was drilled using the Stena IceMAX drillship. The operation was completed 10 days ahead of schedule and below budget.
It was drilled in 2,800 meters of water, making it the deepest offshore well ever drilled in the Mediterranean Sea, before reaching a total depth of 6,500 meters below sea level.
Despite representing nearly 40% of the Mediterranean Sea's total area, the Western Mediterranean remains largely unexplored, with only four exploratory wells drilled to date, compared with over 1,000 wells in the Eastern Mediterranean.
These results improve the region's attractiveness for global energy investment. Five of the world's largest energy companies, Shell, Chevron, ExxonMobil, TotalEnergies, and bp, already have operations there.
Egypt's petroleum ministry has been exerting great efforts to enhance the investment climate, including the settlement of outstanding payments owed to international partners and the implementation of extensive 2D and 3D seismic surveys across the Western Mediterranean.
