As at the end of 2014, Africa has proven natural gas reserves of just under 500 trillion cubic feet (Tcf) with 90% of the continent’s annual natural gas production still coming from Nigeria, Libya, Algeria and Egypt.

Gazprom revived its contract with Italian contractor Saipem (controlled by state-run Eni SpA). The Milan-based company had signed two contracts worth €2.4 bn in total for the construction of an undersea pipeline and support services for construction of a second undersea pipeline, both part of much touted South Stream. The contract terms are now being renegotiated, so as to start construction in time for the 2016 deadline.

If Greece withdraws from the Turkish Stream project, which is planned to transfer Russian natural gas to Europe via the Turkish-Greek border, the U.S. will expect the International Monetary Fund (IMF) to reward Greece

Slovakian Prime Minister Robert Fico met with Russian Prime Minister Dmitry Medvedev in Moscow and proposed a plan that would transfer gas from the Turkish border through Bulgaria, Romania, Hungary and Slovakia, thereby bypassing Greece.

Russian energy company Gazprom has made it clear that it intends to move forward with the construction of the Turkish Stream natural gas pipeline as quickly as possible, whether or not the project can overcome political obstacles in Europe.

Gazprom has switched to the stage of building the offshore section of the Turkish Stream gas pipeline intended to bring Russian natural gas to Europe via Turkey, Gazprom CEO Alexey Miller said on Friday.

Representatives of five countries - Hungary, Serbia, Macedonia, Greece and Turkey - met in Budapest on Tuesday, announcing the formation of a working group to facilitate natural gas deliveries - specifically infrastructure development - to their markets from gas emanating from Turkey including possible participation in the Turkish Stream pipeline.

The Turkish Stream pipeline project is Russia's replacement for the South Stream project, which the EU effectively put on hold due to legal issues involving the same company supplying gas and constructing and owning the pipeline transporting the gas.

Preparing the ground for a much-discussed visit in Moscow (8-9 April), Greek Prime Minister Alexis Tsipras reiterated his opposition to EU sanctions against Moscow, adding that debt-ridden country’s ambition is to upgrade its relations with Russia.

Russia may sign an intergovernmental agreement on the Turkish Stream gas pipeline in the 2nd quarter of 2015.