UK-headquartered energy giant Shell intends to start drilling an exploration well in the deep-water Herodotus Basin in the Mediterranean Sea in the final quarter of 2026, with investments exceeding more than $180 million, according to a news report.

The move will lead to the development of the Egyptian side of one of the region's largest untapped basins, Asharq Business reported, citing unnamed government officials.

Drilling vessel Stena IceMax will carry out exploration work in the Eastern Mediterranean.

In February, Shell Egypt announced the arrival of the drilling vessel in the Mediterranean to help boost exploration and development activities in 2026.
 
The Herodotus basin spans about 113,000 square kilometres within the exclusive economic zones of Egypt, Greece, Cyprus, and Libya.  

Shell might opt to deploy a floating production, storage and offloading vessel if a commercial discovery is made, leading to "multi-billion-dollar investments" to fully develop the entire area, the report said.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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