Eni clears Angola project milestone, shares react to oil sector headwinds

By Thomas Klein, Operations & Strategy desk. Reviewed prior to publication on 2026-06-25, 21:56.

Eni S.p.A. (IT0003132476) has reached a key investment milestone offshore Angola, approving the Greater PAJ oil project through its 50 percent-owned Azule Energy joint venture. The decision comes as the group’s shares trade in Milan on Borsa Italiana and move in a sector shaped by weaker crude prices, according to Investing.com.

What Eni approved in Angola

According to recent company disclosures and market summaries, Azule Energy - the joint venture between Eni and BP - has taken the Final Investment Decision (FID) on the Greater PAJ project off Angola. The development is designed to tap several oil discoveries and is part of a broader push to sustain production in West Africa.

Reuters reports that Vår Energi and partners are simultaneously committing around 1.4 billion dollars to develop three oil and gas discoveries off Norway, underlining how integrated producers such as Eni, Equinor and others are still sanctioning upstream projects despite more volatile commodity prices.

How the stock trades and what analysts say

On Borsa Italiana, Eni shares recently traded around 20.42 euros, down roughly 1.8 percent in the latest session as oil majors in the Euro STOXX 50 face a selloff tied to softer crude prices, with WTI August futures near 69.5 dollars per barrel, according to Investing.com. The move leaves the stock comfortably above its 52-week low of 13.668 euros but below the 25.015 euros high.

Consensus data compiled by Investing.com show that 22 analysts currently cover Eni, with nine rating the stock Buy, twelve Hold and one Sell. The average 12-month price target stands at 25.309 euros, implying a potential upside of close to 24 percent from the latest quote, with individual targets ranging from 19 to 30 euros.

How Eni makes its money

Eni’s core business remains integrated oil and gas, spanning exploration and production, gas and LNG portfolio management, refining and marketing and a growing renewables segment. Upstream projects such as Greater PAJ feed crude into the company’s trading and refining system, while gas from fields in regions like North Africa and the North Sea underpins long-term supply contracts and LNG flows.

Where the shares trade today

Eni shares (IT0003132476) trade on Borsa Italiana, where the stock recently changed hands around 20.42 euros as of 2026-06-25, 19:45 CET, according to MarketScreener. The listing is part of the FTSE MIB index, giving the stock exposure to broad European equity flows.

Disclaimer: This text is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. All data and assessments are based on sources cited in the article and may change over time.