Eni clears key Angola milestone, shares in focus after Greater PAJ decision

By Christina Vogel, Background & Management desk. Reviewed prior to publication on 2026-06-23, 13:53.

Eni (IT0003132476) has approved the final investment decision for the Greater PAJ offshore oil project in Angola via its Azule Energy joint venture with BP. The field development adds another deepwater hub in West Africa as reported in a 22 June Reuters dispatch, with the stock listed on Borsa Italiana in Milan.

What Reuters and others report

According to a 22 June Reuters report on the BP-Eni JV decision, Azule Energy has taken FID on the Greater PAJ project in Angola’s Block 18/15, expanding production capacity in the West African country. The joint venture is 50-50 owned by BP and Eni and manages their combined upstream portfolio in Angola. The development follows earlier Angolan projects in which Eni has participated, underlining the country’s role as a core upstream region for the group.

MarketScreener’s Italy factors-to-watch column for 23 June lists Eni among the names to monitor after the Angola decision, alongside other energy majors. Separate items on the same portal highlight Saipem’s award of a contract worth about 1 billion US dollars to support the offshore work, linking the project into a wider supply chain for the oilfield services industry. This creates an additional reference point for investors assessing project execution risk and potential knock-on effects across the energy services sector.

Consensus view and recent calls

On the analyst side, AlphaValue/Baader Europe recently upgraded Eni to Add and trimmed its price target, according to a 19 June note summarized by MarketScreener. The research house pointed to the valuation case in the integrated oil and gas segment, positioning Eni against European peers such as BP and Repsol. That places the stock in a group of majors where capital allocation between traditional upstream, gas and low-carbon projects is a central theme.

The same MarketScreener coverage shows Eni as part of the energy cohort that moved higher in late-afternoon US trading on 23 June, with an energy-sector update noting gains across several oil and gas names. While the note does not break out precise intraday percentage moves for Eni shares, it reflects a robust backdrop for the sector as oil prices and project pipelines support earnings expectations.

Where Eni earns its money

Eni’s core business is as an integrated energy group, spanning exploration and production of oil and gas, gas and LNG marketing, refining and chemicals, and a growing low-carbon portfolio. The company operates upstream in regions including Africa, the North Sea and the Middle East, and runs midstream and downstream activities such as gas pipelines and retail networks in Europe. It also develops renewable power projects and biofuels, adding further diversification to its earnings streams.

Where the shares trade today

The Eni shares (IT0003132476) trade on Borsa Italiana at 21.58 euros as of 2026-06-22, 17:45 local time, according to MarketScreener. On the US market, the New York Stock Exchange-listed Eni ADR last closed at 49.38 US dollars on 2026-06-22, 16:00 ET, based on TradingKey data.

This article is for informational purposes only and does not constitute investment advice, an offer or a solicitation to buy or sell any securities. Historical data and analyst opinions are no guarantee of future performance.