Shell discovered oil at the Velox-1X exploratory well in the Herodotus Basin, offshore Egypt. The Ministry of Petroleum identified the ultra-deepwater find as a significant development for the under-explored Western Mediterranean.
The well reached a depth of approximately 6,500 meters. Preliminary results confirm the presence of an active petroleum system.
While commercial viability is under evaluation, the discovery shifts regional focus toward oil in an area dominated by natural gas. Shell operates the well in partnership with Chevron and Tharwa Petroleum. QatarEnergy is scheduled to join the venture soon.