🔵 Promising Oil Indicators Open the Door to the Possibility of the First-Ever Crude Oil Discovery in the Western Mediterranean
On 24th July 2026, in a significant step forward for exploration efforts, drilling of the offshore Velox-1X exploratory well in the North Cleopatra concession in the Western Mediterranean has revealed promising oil indicators, confirming the presence of a functioning petroleum system and crude oil in the area. These findings increase the likelihood of achieving the first crude oil discovery in the Western Mediterranean, after the completion of evaluation work and technical studies.
Drilling operations, which began on the 23rd of May 2026, successfully reached the planned geological targets at a final depth of approximately 6,500 meters. The well is operated by Shell, in cooperation with Egyptian Natural Gas Holding Company (EGAS), with participation from Chevron and Tharwa Petroleum. Meanwhile, QatarEnergy is in the process of completing procedures to join the partnership. The operation has produced encouraging geological results that lay the foundation for a new phase of exploration in the area.
The results are currently being evaluated following the collection of a crude oil sample and analysis of the technical data to determine the next steps, including drilling additional exploratory wells, supported by the positive indicators highlighting the untapped potential of the frontier Western Mediterranean area, with new aspirations for oil and gas discoveries.
The well is located approximately 90 kilometers off the Egyptian coast. Drilling was carried out using the Stena IceMAX drillship and was completed 10 days ahead of schedule and below the planned budget, reflecting the efficiency of the operation.
The water depth at the well location is 2,800 meters, making it the deepest water depth at which drilling operations have been conducted in the Mediterranean to date. The well reached a final depth of 6,500 meters below sea level.
These results are of major significance, as the Western Mediterranean accounts for approximately 40% of the total area of the Mediterranean Sea, while only four exploratory wells have been drilled there, compared with more than 1,000 wells in the Eastern Mediterranean.
The results also underscore the region's growing attractiveness to international investment. Five of the world's leading energy companies are currently operating in the area: Shell, Chevron, ExxonMobil, TotalEnergies, and BP. This is supported by reforms implemented by the petroleum sector to improve the investment climate, settle all outstanding dues to partners, and conduct 2D and 3D seismic surveys in the Western Mediterranean. These efforts have provided more accurate geological data and increased the prospects for new discoveries.
The results of "Velox-1X" well are expected to contribute to the reinterpretation of the region's geological data by utilizing the well's electrical well-logging data to reprocess and improve the quality of the existing seismic data, thereby enhancing the prospects for commercially viable petroleum discoveries in the next phase.
