Reliance Industries could be adding another valuable project to its North American shale portfolio within the next month, according to a report by Platts.

Reliance, India's largest private oil and gas company, is currently in talks with Oklahoma City-based Chesapeake Energy (NYSE: CHK) regarding a possible joint venture project in the Eagle Ford. To date, Chesapeake holds approximately 550,000 acres in the popular South Texas shale play.

"The deal talk is around $14,000/acre," says Subash Chandra, a Jefferies & Co. analyst. "The devil is in the details, but the headline ...