Russians outspending Americans two to one on global oil and gas projects. : No one is spending more on global oil and gas projects like the Russians. No American firm even comes close. (Shutterstock) Call it a fit of desperation to counter their new American rivals, but when it comes to capital expenditure on big energy projects no one spends like Gazprom spends. Gazprom is the sanctioned, state-controlled natural gas giant that is busy building two new pipelines into Europe: Turkish Stream and Nord Stream II.