Exploration & Production

Hungary muddies waters for Romania Black Sea flagship

Romania has denied Hungary’s claim to have signed a contract for gas imports, throwing the Neptun project's progress towards FID into doubt Romania has denied Hungary’s claim to have signed a contract for gas imports, throwing the Neptun project's progress towards FID into doubt.
By Tim Gosling 22 February 2018 0 29686
Exploration in the Black Sea offshore Romania. (Petrom)

Hungary’s announcement in early February of a deal to import gas from Romania by 2020 prompted speculation an FID on Romania’s Black Sea Neptun project may be imminent. However, the Romanian foreign ministry has insisted there is no deal, causing concern that Hungarian politicking could delay a decision on Neptun, a joint venture between ExxonMobil and OMV Petrom.

“No agreement referring to gas export from Romania to Hungary has been signed,” a spokesperson for the Romanian foreign ministry told Interfax Natural Gas Daily.

Hungary, like most countries...