Eni advances Angola offshore project, shares in focus on Borsa Italiana

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-23, 18:08.

Eni (IT0003132476) is moving ahead with a new offshore phase in Angola. The Italian energy group has approved the final investment decision for the Greater PAJ oil project through Azule Energy, its joint venture with BP, as reported by Reuters and MarketScreener on 22 and 23 June on Borsa Italiana.

What Reuters and Azule report

According to a Reuters-based summary on MarketScreener, Eni and BP have given the green light to develop the Greater PAJ project offshore Angola via Azule Energy, their 50-50 joint venture focused on the country’s upstream portfolio. The project targets oil resources in Angola’s Block 31 and Block 17/06 and is part of a broader plan to sustain production in one of Africa’s key crude exporters.

MarketScreener’s Italy factors-to-watch note for 23 June lists “Eni’s JV with BP makes final investment decision on Angola oil project” among the day’s drivers, underlining the relevance of the step for Milan-listed Eni alongside sector peers BP and Saipem. The Angola decision follows several recent African and Mediterranean developments in Eni’s upstream pipeline highlighted in previous company updates.

Analyst stance and recent calls

The Angola approval comes shortly after a rating change from AlphaValue/Baader Europe. The research house upgraded Eni to “Add” on 19 June while trimming its price target, according to a MarketScreener analyst recap, signalling a slightly more constructive stance on the stock despite a more cautious valuation line. The move places Eni alongside integrated peers such as BP, TotalEnergies and Repsol that are widely covered by European brokerages.

For NYSE investors tracking the Eni ADR under ticker “E”, MarketBeat data show the shares around 49 US dollars, roughly 30 percent above the level at the start of 2026, reflecting the broader recovery in international oil and gas names. On Euronext Milan, MarketScreener quotes the local shares at about 21.58 euros as of the close on 22 June, giving Eni a market capitalization in the high-60-billion-euro range.

How Eni makes its money

Eni’s core business is integrated oil and gas, combining exploration and production with refining, marketing and growing renewables activities across Europe, Africa and other regions. In Angola, the Azule Energy joint venture with BP pools upstream assets and projects like Greater PAJ to optimize development costs and production profiles in deepwater fields.

Where the shares trade today

The Eni shares (IT0003132476) most actively trade on Borsa Italiana in Milan; MarketScreener and S Broker most recently quote around 21.36 to 21.58 euros on 2026-06-23, 08:45, implying a market capitalization close to 61 to 68 billion euros for the group.

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 performance is not a reliable indicator of future results. Investors should conduct their own research or consult a professional advisor.