Eni-TotalEnergies Cyprus Gas Project Starts Execution Phase; Main Contracts Awarded

07:49 AM EDT, 10/26/2026 (MT Newswires) -- Eni (ENI.MI) launched Monday the execution phase for Cyprus' first gas development, it said the same day. The main engineering, construction, and drilling contracts for the offshore Cronos gas field were signed after the final investment decision was reached July 28 for block 6, which Eni owns 50/50 with TotalEnergies (TTE.PA, TTE.L). After production starts in the first half of 2028, the Italian energy group said the project is expected to reach a production plateau of up to 500 million standard cubic feet of gas per day. The gas will be transported to Egypt for processing and liquefaction for export, mainly to Europe.