Drilling of the offshore Velox-1X exploratory well in the North Cleopatra concession has turned up promising oil indicators, confirming a working petroleum system and the presence of crude in an area that could yield the Western Mediterranean’s first commercial oil discovery.

Shell operates the well alongside the Egyptian Natural Gas Holding Company, Chevron and Egypt’s Tharwa Petroleum, with QatarEnergy in the process of joining the partnership. Drilling began on May 23, 2026 and reached a final depth of about 6,500 metres, making Velox-1X the deepest offshore well ever drilled in the Mediterranean and the fourth well in Shell’s 2026 drilling programme.

Located roughly 90 kilometres off Egypt’s coast, the well was drilled with the Stena IceMAX drillship and finished ten days ahead of schedule and under budget. Partners are now evaluating a collected crude sample and other technical data to determine next steps, including whether additional exploratory wells are warranted. Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, inspected the well on July 11.

Source: egyptoil-gas.com