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Eni and TotalEnergies say they took the final investment decision on the Cronos offshore gas project in Cyprus, targeting first production by 2028. The field is estimated at over 3 Tcf, with plans for four subsea wells and peak output around 500 million cubic feet per day. Gas would be processed via Egypt’s Zohr and Damietta LNG infrastructure operated by Eni.

A Guardian analysis says eight listed oil firms, including Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil, earned nearly $93bn in net profit in the three months to end-June, after Iran-related conflict pushed oil above $126/bbl. Aramco’s quarterly net income rose 34% to over $33bn; BP reported about $5.73bn. The article links profits and emissions to climate impacts and cites criticism from officials and campaigners.

The article lists upcoming U.S. and Canada economic releases and scheduled earnings for the week. Key data include U.S. manufacturing and services PMIs, job openings, ADP and the employment report, and initial jobless claims. It also cites quarterly EPS figures for companies such as PLTR, VRTX, MAR, AMD, CAT, LLY, NVO, and COP, among others.

Eni and TotalEnergies approved the first major Cyprus offshore gas project for the Aphrodite area, discovered in 2022 and 185 km southwest of Cyprus. The field has over 3 trillion cu ft of gas, with first production expected in 2028. Eni plans to use Egypt’s Zohr infrastructure, targeting about 2.8 million tons per year LNG. A Cypriot analyst estimated cost at $2.5-3B.

TotalEnergies (50%) and Eni (50%, operator), partners in Cyprus offshore Block 6, have taken the Final Investment Decision (FID) for the development of the Cronos gas field, discovered in 2022 and successfully appraised in 2024. Located in deep offshore waters approximately 185 km southwest of the coast of Cyprus, Cronos will be developed through four subsea wells.

Reuters reports refiners are increasingly buying Venezuelan crude directly from PDVSA, bypassing intermediaries such as Vitol and Trafigura. Phillips 66 and Reliance have signed direct supply deals, with Valero and Tipco expected to follow. Chevron’s exports rose to 293,000 bpd in Q2, and analysts estimate up to $700 million in annual operating cash flow impact.

Eni said it is opening its supercomputing infrastructure to companies, start-ups, and research centers to support AI solutions and digital innovation. Eni cited partners including Domyn, Mercuria, Dompé, Almawave, Reply, and the Bruno Kessler Foundation. Eni also highlighted its HPC6 and HPC7 systems, claiming combined performance above exascale. Separately, Aramco plans a $372.5 million supercomputer project delivered by early 2027.

Eni held its Q2 2026 earnings call, reporting 8% year-on-year reported upstream production growth (11% underlying) and citing new resources from 2026 exploration. The company raised guidance, including upstream free cash flow per barrel up more than 50% by 2030, GGP pro forma EBIT to over EUR 1.4bn, and Enilive pro forma adjusted EBITDA to EUR 1.3bn. Q2 capex was EUR 1.8bn; full-year gross CapEx about EUR 7bn. It expects CFFO of EUR 15bn and a 2026 share buyback of EUR 3.4bn.

Eni opened its HPC6 and HPC7 supercomputing infrastructure to external European companies, startups, and research institutions for AI development. Eni says the combined system delivers about 1 exaflop sustained performance, using HPE Cray EX255a nodes with AMD Instinct MI300A APUs, and targets energy efficiency with a Green500 score of 11th. Early partners include Dompé, Mercuria, Reply, and Almawave.

Eni reported Q2 2026 adjusted net profit of $2.65 billion, up from $1.29 billion a year earlier, citing higher oil and gas realizations, upstream volume growth, and cost management. It raised 2026 production guidance to about 5% underlying growth and increased 2026 share buybacks and distribution to $3.9 billion, up $683 million from prior guidance.