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. As a result of these endeavors and more, Gazprom leads a ranking of oil and gas big spenders with an estimated capex of $160 billion to be spent on 84 oil and gas projects worldwide.