Germany will strive to ensure that all this remains under the competence of the German authorities, so if we can do this then opportunities for external meddling will be limited.

Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to announce the acquisition of the entire issued share capital of two private Russian companies, RK-Oil Limited (“RK”) and BVN Oil Limited (“BVN”), from Mr Ilya Glebov. These companies were formed in 2014 in order to participate in public auctions for oil exploration and production licenses in Russia’s Komi region. Following these auctions both RK and BVN hold licenses in the Komi region.

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.

"In 2016, geopolitical challenges will not go away. We have to keep pushing for diversification of energy sources," Sefcovic said, reiterating that the Commission would scrutinize whether the Nord Stream plan complied with EU rules.

The financing problems for the project stems from U.S.-led sanctions against Russia’s oil and natural gas sector over Russia’s invasion of Ukraine in early 2014. Also, in June the EU extended economic sanctions on Russia until January 3, in a move that media said at the time was “keeping up pressure on Moscow to help resolve the Ukraine conflict.”

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.

Gabriel explained that he would ensure that construction of the pipeline would remain legal in the eyes of the German authorities. Gabriel also made it clear that Brussels should have limited involvement with the project.

Tehran has recently strengthened ties with Moscow, which is considering providing two loans worth a total of $7 billion to Iran.

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.

Russia’s President Vladimir Putin met with Emir of Kuwait Sabah Al-Ahmad Al-Jaber Al-Sabah this week to discuss opportunities for cooperation in the fields of energy and diplomacy. The two countries also signed a memorandum for military technical cooperation.