Gazprom has already spent €1.8bn on purchasing physical pipe for the first and second “strings” - or lines, of pipe to be laid under the Black Sea. Pipe, delivered by Germany’s Europipe and Russia’s United Metallurgical Company (OMK) under the first string contract, signed in January 2014, is now largely stashed on the wharves of the Bulgarian port of Varna. The fate of pipe ordered for the second string, under contracts placed in March 2014, is not known.

OMV and Gazprom are two of the shareholders in the contentious Nord Stream-2 expansion project. BASF, E.ON, ENGIE, and Shell are the four other stakeholders.

Norway traditionally vies with Russia to be the EU’s top gas supplier, providing about 30 per cent of import demand. In terms of energy security, EU officials hail Norway as a model of stability compared with the political and commercial risks associated with Russia and Algeria.

Rising hydrocarbon production, retail sales and efficient management drove a Y-o-Y increase in adjusted EBITDA* of 9.3% (RUB 312 bln) for 9M 2015. A 0.6% Y-o-Y decline in sales was driven by the global drop in oil prices. Net income attributable to the shareholders of Gazprom Neft fell by 6.2% Y-o-Y to RUB 130.9 bln. The negative impact of foreign exchange rate differences in loan revaluations held back net income growth.

Algeria and Libya may reduce deliveries to Europe in the next two to three years because of political instability, lack of investment and contract renegotiations, according to Carlo Malacarne, CEO of Italy’s Snam, Europe’s biggest gas transmission operator by pipeline length and storage capacity. Its Italian network includes entry points for gas arriving from North Africa and Russia.

Gazprom would need to bring spot gas prices below $4 per million British thermal units (mmBtu), versus around $5.65 per mmBtu now, to shut Europe off to U.S. imports - a level Goldman Sachs expects could be reached by 2018/2019.

Rosneft, a company led by Igor Sechin, said that in the first nine months of 2015 it produced 45.92 billion cubic metres (bcm) of gas, increased from 40.87 bcm in the same period last year. On Friday, Gazprom reduced its 2015 forecasts to 427 bcm, a significant decrease on its forecasts released six months ago,which expected production for the year to reach 485 bcm.

Referring to the Nord Stream projects I & II, former Deputy Prime Minister of Poland Janusz Steinhoff said: “From the point of view of domestic diversification and policy, these projects are extremely irrational, because these are examples of bypassing various regulations to liberalize the gas markets which are in place in the European Union. In other words, Nord Stream I & II are not subject to regulation that gas pipelines running through the EU are, and this is an evident example of an irrational approach and a lack of solidarity in Europe.”

Turkey said in February it struck a deal giving it a 10.25 percent price discount on gas from Russia's Gazprom but that accord was not signed and state pipeline operator Botas said last week it had appealed to the International Chamber of Commerce (ICC) after months of fruitless talks. "An agreement was clinched on the 10.25 percent, therefore we are taking that as our base level, but will seek a higher discount at international arbitration," Alaboyun said in an interview.

Sakhalin II is one of the most successful export projects targeting the Asian-Pacific region. The key to success lies in integration: it is managed and operated by Sakhalin Energy Company and its shareholders: Gazprom (50% and 1 share), Shell (27.5% minus 1 share), Mitsui (12.5%), Mitsubishi (10%).