Hungary nears landmark gas deal to cut Russian energy dependence

Hungary is in talks to secure natural gas from Romania’s Neptun Deep field, a major offshore deposit. The deal, involving state-owned energy firm MVM and Romanian companies OMV Petrom and Romgaz, could cut Hungary’s reliance on Russian imports by up to a quarter. A final decision on the agreement is expected within weeks. The Neptun Deep field, located in the Black Sea, holds an estimated 100 billion cubic metres of gas. Production is scheduled to start in 2027, making it a key energy source for the EU.

Hungary aims to import up to 1 billion cubic metres annually from the field. Negotiations have already set a price cap, ensuring Romanian gas will cost no more than Russian supplies. If approved, the deal would replace 20–25% of Hungary’s current Russian gas imports.

State-owned MVM has led the discussions, with OMV Petrom and Romgaz as the primary suppliers. The agreement’s final terms are now under review, with a resolution anticipated soon. The potential deal would mark a significant shift in Hungary’s energy strategy. Gas from Neptun Deep could arrive by 2027, reducing dependence on Russian supplies. The outcome of the talks will be known in the coming weeks.