Reuters: Ukraine expects shale gas exploration results from Shell by 2015

Shell will spend about two years and $410 million to explore the Yuzivska shale gas area in Ukraine and assess its reserves, Ukrainian Energy Minister Eduard Stavytsky said on Wednesday.

Shell and Ukraine, which sees shale gas development as vital to easing its dependence on Russian gas supplies, signed a landmark production sharing agreement on Yuzivska this month. Kiev says the project could involve $10 billion in investments.

The former Soviet republic has Europe's third-largest shale gas reserves at 42 trillion cubic feet (1.2 trillion cubic metres), according to the U.S. Energy Information Administration.  MORE