Britain wants to turn on the tap to Siberian gas

The pipeline could be in place by 2016, claimed the Financial Mail on Sunday which reported Vladimir Putin and David Cameron spoke about the prospect during the Olympics.

Nord Stream runs from  Vyborg near St Petersburg to Greifswald in northern Germany, and is supplied from Yuzhno-Russkoye field in Yamalo-Nenets Autonomous Okrug, and fields on the Yamal Peninsula. Under the plan, it would be extended to Norfolk in eastern England.

David Peattie, BP's director for Russia, said the talks were at an 'early stage' but that a deal could be signed mid-2013. 

BP recently took a 20 per cent stake in Russia's Rosneft.

Nord Stream currently runs some 1,222 kilometres (759 miles), much of it under the Baltic Sea. 

It would be extended another 965 km (600 miles) under the scheme. 

The Siberian gas link appeals to Cameron 'because it offers diversity of supply, reducing Britain's expected dependence on imported liquefied natural gas from the Middle East and potentially from the US', said the Financial Mail on Sunday. 

If agreement is reached it is expected to be the first of a number of ventures involving BP and Russian partners.