Shell is poised to plunge $800million into Ukrainian shale gas. The oil and gas giant first mulled over the deal to explore six licence areas with Ukrainian public company UGV back in 2007.

The firms have renewed their agreement to develop the Dnipro-Donetsk trench in Central Ukraine, which is estimated to hold 400 billion cubic metres of gas. This basin already accounts for 80% of hydrocarbon extraction in Ukraine.

Patrick Van Daele, General Manager at Shell Ukraine Exploration and Production said: “We are keen to apply our global experience and innovative technology to unlock the gas potential in the JAA (joint activity areas) areas safely and effectively.”

In 2010, the press centre of the Ministry of Environment stated that Ukraine has the biggest shale gas supply in the world, although this claim has not been verified.