Gazprom doesn’t pretend that Nord Stream will be the key source of the blue fuel in Europe. But Aleksandr Medvedev, Deputy CEO of Gapzrom, says it will help bypass some stumbling blocks in the transit network.

“Diversification of the transit routes is the only right answer for the current challenges facing transit, that’s why our transit projects like Nord Stream and South Stream is the real diversification.”

It’s the first time members of various European parliaments have crossed the Arctic Circle to see where Russian gas comes from. Novozapolyarnoye field alone has proven reserves of 3.6 trillion tones of natural gas. One well produces a 100 billion cubic metres of gas a year. It’s a fifth of all the gas extracted by Gazprom. And it’s just one of the wells supplying Nord Stream from Russia’s North. Valery Yazev, Head of the Gas community of Russia says gas fields like this one are a vivid illustration of how long-term contracts will actually work.

“A 100 billion cubic metres of gas a year, what does it mean? Ukraine consumes 75 billion, Germany – needs 90, the planned capacity of Nord Stream is 55 billion cubic metres a year. The operational life of this field is 30 years.”

Nord Stream shareholders say the twin pipeline will be completed on time – in 2012. But before construction even starts, Nord Stream needs permits from the countries whose territorial waters it will pass. Some of them still hesitate to say yes to steady energy supplies for years to come.