Hungarian energy company MVM may enter into an agreement with Romania’s OMV Petrom-Romgaz consortium for the purchase of approximately one billion cubic meters of natural gas annually from the Neptun Deep field. This deal, which was prepared by the previous Hungarian government and received necessary permits in March, could replace up to 25% of Hungary’s Russian gas imports.
Currently, about half of Hungary’s annual natural gas consumption—4.5 billion cubic meters—is sourced from Russia, with total consumption at approximately 9 billion cubic meters per year. The price for Romanian gas is already comparable to the upper limit of the cost of Russian gas under a long-term contract.
On May 11, Hungarian Foreign Minister Anita Orban stated that the new government intends to reduce dependence on Russia in the energy sector but does not plan to abandon Russian oil and gas supplies in the near future.
