Eni stock edges higher after Maha field gas production offshore Indonesia

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Anastasiia Chabaniuk

30.10.2026

Eni stock edges higher after Maha field gas production offshore Indonesia — Eni stock edges higher to €27.09

Eni has begun gas production at the Maha field offshore Indonesia, a project operated through its upstream joint venture with Petronas and considered crucial for development in the Kutei Basin. The stock edges higher on the day, trading at €27.09.

ENI price prediction

24H 1.25%

€25.84

48H 1.1%

€25.8

7D -0.51%

€25.39

1M 11.72%

€28.51

3M 14.66%

€29.26

6M 65.95%

€42.35

12M 68.42%

€42.98

Current price: €25.52 -0.5200 2.00%

Closed 11/04

Daily range 25.57

26.24

Weekly range 25.75

27.40

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Highlights

Eni has started gas production at the Maha field offshore Indonesia through its joint venture with Petronas.
Eni stock trades at €27.09 with a trailing earnings multiple of 20.4 and a forward multiple of 9.5.
Among 88 analysts covering Eni, 41 recommend buying and 4 recommend selling the stock.

Eni has commenced gas production at the Maha field offshore Indonesia. The project is operated by Searah, an upstream joint venture between Eni and Petronas. The Maha field is described as an important part of the South Hub development in the Kutei Basin.

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Upside structure holds as RSI warns of limited immediate room

Eni stock opened the session with a gap up from €26.89 to €27.13 before retracing part of that early advance. The daily structure remains bullish, with the price holding above the MA-20, MA-50, and MA-200, and the nearest resistance comes in at the weekly high of €27.52. RSI at 64.1 shows the advance is nearing overbought conditions, pointing to limited upside in the immediate term as gains become stretched.

Odds favor further gains as traders watch the weekly high

Traders watching for confirmation will look to whether the stock can secure a close above the weekly high at €27.52. After opening at €27.13, shares gave back some ground from the initial gap up off the previous close of €26.89. Even though there has been a sustained move lower with a firm trend over the past week, over the next five trading days the probability of further upside stands at more than 80%, while downside risk is less than 20%. The expected trading range is €26.54 to €27.63. A close above resistance would show buyers accepting the move, while a drop below €26.3 would indicate rejection; the longer-term picture on the weekly chart remains constructive.

Earlier, analysts noted that structural changes in Europe's gas infrastructure have reduced the likelihood of extreme price volatility in the event of fresh supply shocks. With Eni's new production start at the Maha field and the stock trading in a defined range, a close above €27.52 would signal buyers gaining control and mark a notable inflection point for near-term momentum.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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