Eni clears key Angola project milestone, shares in focus after final investment decision
23.06.2026 - 07:04:13 | ad-hoc-news.de
By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-23, 07:02.
Eni (IT0003132476) moves ahead with a major offshore upstream project in Africa. The BP-Eni joint venture Azule Energy has taken the final investment decision on the Greater PAJ oil development offshore Angola, according to a Reuters report citing the partners on June 22.Reuters coverage of the Greater PAJ FID
What Reuters reports on Angola
According to Reuters, Azule Energy, the 50-50 joint venture between BP and Eni, approved development of the Greater PAJ project in Angola’s offshore Block 31/21 with an estimated investment of around USD 6 billion.Reuters coverage of the Greater PAJ FID The report states that the project is expected to reach a production plateau of roughly 70,000 barrels of oil equivalent per day from 2028, underlining Angola’s continued role as a core upstream region for the European majors.
Reuters notes that the development will involve subsea wells tied back to the existing PSVM floating production, storage and offloading (FPSO) vessel, which has been operating in Block 31 since 2013.Reuters coverage of the Greater PAJ FID By using existing FPSO infrastructure, Azule aims to keep unit development costs under control and shorten the time from investment decision to first oil.
Analysts’ view on Eni in the European energy sector
In the European oil and gas peer group that includes companies such as BP, Shell and TotalEnergies, Eni is followed by a broad analyst community on Borsa Italiana and other venues.MarketScreener consensus snapshot for Eni MarketScreener data on June 23 shows a predominantly positive stance on Eni shares, with a majority of analysts rating the stock at Buy or equivalent and a smaller group at Hold.
The same consensus compilation indicates that Eni trades in line with, or at a discount to, several European integrated peers when measured on forward earnings and cash flow multiples, reflecting both its exposure to upstream developments like the Angolan portfolio and to gas and low-carbon initiatives.MarketScreener consensus snapshot for Eni For many analysts, project milestones such as the Greater PAJ decision are important inputs when assessing future production and cash generation, even though near-term share performance also depends on broader energy sector moves.
Background and live data on the Eni shares
All current news, consensus data and price information for the Eni shares can be found in the dedicated topic area and on the company’s Investor Relations pages.
The upstream portfolio behind the stock
Eni generates a large share of its cash flow from upstream oil and gas production, with Angola as one of its long-standing core regions through projects such as Block 15/06 and now the Greater PAJ development.Eni press release on the Greater PAJ project Alongside its African footprint, the group operates in the Mediterranean, the North Sea, the Middle East and other basins, increasingly combining traditional upstream activities with gas value chain and low-carbon projects.
Where the Eni shares trade today
The Eni shares (ISIN IT0003132476) trade on Borsa Italiana at EUR 13.80 as of 2026-06-23, 09:30, according to the latest quote data, reflecting the market’s current assessment of the Italian energy group.
Key data on the Eni shares
- Company: Eni S.p.A.
- ISIN: IT0003132476
- WKN: 897791
- Ticker: ENI
- Trading venue: Borsa Italiana
- Price (as of 2026-06-23, 09:30): 13.80 EUR
- Market cap: 47.0 billion EUR (as of 2026-06-23)
- Sector / industry: Energy - Integrated Oil & Gas
- Index membership: FTSE MIB
- Next earnings date: 2026-07-25
This article is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any financial instrument. Readers should conduct their own research and, where appropriate, consult a licensed financial advisor.
