KIEV, Dec. 1 – The Ukrainian shale gas development projects eyed by world oil majors may be hurt if the government manages to reduce Russian natural gas prices significantly by the end of the year, an analyst said Thursday.

Royal Dutch/Shell became the first international energy company awarded in August a license to explore and produce shale gas in Ukraine.

ExxonMobil Corp. followed in September by signing a preliminary agreement with Naftogaz Ukrayiny for joint development of unconventional hydrocarbons, including shale gas, in Ukraine.