Eni S.p.A. E, through its 50%-owned joint venture, Azule Energy, has reached the Final Investment Decision (FID) for the Greater PAJ Project, a significant offshore oil development in Angola's Blocks 31 and 31/21. The project is strategically important as it represents Angola's first integrated cross-block development, enabling more efficient resource management, oil production and infrastructure utilization. For Eni, the project strengthens its long-standing presence in Angola and supports its strategy of expanding high-value upstream production through collaborative developments.
The Greater PAJ Project will combine five offshore fields—Palas, Astraea, Juno, Urano and Dione—into a single development hub. The project includes 17 wells tied to a new floating production, storage and offloading (FPSO) vessel with a production capacity of 95,000 barrels of oil per day (Boe/d).
The FPSO will have a gas export capacity of 70 million standard cubic feet per day, routing supply to the Angola LNG facility through a new export line connected to the existing Block 31 gas export infrastructure. Leveraging established infrastructure is expected to reduce costs, minimize development risks and fast-track production.
With first oil targeted for the first half of 2029, the project is expected to contribute meaningfully to Eni's future production growth and cash-flow generation. The development reinforces E's focus on profitable upstream investments while supporting Angola's objective of sustaining oil output. The Greater PAJ Project strengthens Eni's business model by boosting its production outlook, expanding its resource base and enhancing investor appeal through efficient project execution.
Eni currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector with upstream operations are Ecopetrol S.A. EC, W&T Offshore, Inc. WTI and YPF Sociedad Anónima YPF.
Like Eni, Ecopetrol, W&T Offshore and YPF have upstream operations, making their business models sensitive to oil and gas price fluctuations. WTI currently carries a Zacks Rank #2 (Buy), while YPF sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Ecopetrol's integrated business model spans the entire oil and gas value chain, making it a cornerstone of Colombia's energy industry. The company expects to deliver 730,000-740,000 Boe/d of production in 2026 and maintain a production range of 700,000-750,000 Boe/d through 2040. EC currently has a Zacks Rank #3.
W&T Offshore’s extensive offshore footprint in the Gulf of America covers approximately 605,000 acres and supports a large reserve base. WTI's 1P and 2P reserves provide 20 years of production potential and resource longevity.
YPF’s substantial exposure to the Vaca Muerta shale formation remains a key driver of its long-term growth strategy. YPF’s increased field activity across the basin through the remainder of 2026 is expected to enhance production volumes in the second half of 2026.
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Eni SpA (E): Free Stock Analysis Report
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YPF Sociedad Anonima (YPF): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).