BUDAPEST (Reuters) - Hungary is looking to expand its cooperation with Romania in the gas sector to diversify its energy sources and their relevant companies are already negotiating an agreement,
Hungary Seeks Romanian Partnership to Diversify Energy Sources
BUDAPEST (Reuters) - Hungary is looking to expand its cooperation with Romania in the gas sector to diversify its energy sources and their relevant companies are already negotiating an agreement, Hungarian Foreign Minister Peter Szijjarto said on Monday.
Szijjarto said that Hungary was keen to cooperate with Romania on energy issues as Romania was set to become a net exporter of natural gas in the coming period as a new offshore gas field is set to start production soon.
Drilling at the Neptun Deep gas field in the Black Sea, one of the European Union's most significant gas deposits which will double Romania's production and potentially turn it into a net exporter, could start in weeks.
"This new gas field will be the only fresh gas source in the region that can contribute to energy diversification," Szijjarto said after singing an energy solidarity agreement with Sebastian Ioan Burduja, energy minister of Romania.
"Our companies are already engaged in the necessary commercial negotiations, and we hope they will reach an agreement that represents progress for both countries," the Hungarian foreign minister said.
Szijjarto also said that last year the gas interconnector between the two countries was used to trade a total of 1.8 billion cubic metres. The total capacity of the interconnector is 2.6 billion cubic meters per year.
Around two-thirds of Hungary's gas imports come from Russia, but pressure is mounting for the country along with some of its neighbours to diversify more quickly away from Russian energy, following Moscow's 2022 invasion of Ukraine.
Last year Hungary imported some 7.5 billion cubic metres of Russian gas via the Turkstream pipeline and additional amounts via Romania, Prime Minister Viktor Orban said in December. It also has domestic production of around 1-1.5 billion cubic metres of gas.
(Reporting by Anita Komuves; editing by David Evans)
