Stena IceMAX strikes oil indicators offshore Egypt for Shell
Shell’s Velox-1X exploratory well in Egypt’s North Cleopatra concession turned up encouraging signs of oil, raising the prospect of the first crude oil discovery in the Western Mediterranean.
Shell operates the Velox-1X well in cooperation with Egyptian Natural Gas Holding Company (EGAS), with participation from Chevron and Tharwa Petroleum. QatarEnergy is in the process of joining the partnership. The well was drilled to a final depth of 6,500 m after spudding on 23 May 2026, using the Stena IceMAX drillship, and reached its planned geological targets 10 days ahead of schedule and below budget.
The well sits roughly 90 km off Egypt’s coast in 2,800 m of water, the deepest water depth drilled in the Mediterranean to date. A crude oil sample has been recovered and technical data, including electrical logging results, are being analyzed to determine next steps, which may include additional appraisal or exploration wells.
The Western Mediterranean makes up about 40% of the Mediterranean Sea’s total area but has seen only four exploratory wells drilled to date, compared with more than 1,000 in the Eastern Mediterranean. Egypt’s petroleum sector has carried out reforms to improve the investment climate, including settling outstanding dues to partners and conducting 2D and 3D seismic surveys in the area.
