Since Russia lost leverage in the region after invading Ukraine, many countries have sought to fill the gap. In terms of pledged capital, the Arab nations have become big players.

German gas trader SEFE has expressed concern over recent Russian attacks targeting Ukraine's largest underground storage facility with a capacity of 30bcm.

Despite the global "green transition," predictions of decreasing demand for fossil fuels have not yet been realized. And sanctions imposed on Russia are rewriting energy export routes.

Hungary already uses geothermal energy as a clean alternative to fossil fuel in district heating, but has vast untapped reserves.