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 is likely to look good."

Should an agreement be reached between the two companies, this will be the fourth U.S. shale project in Reliance's portfolio. In July, the company entered into a $1.35-billion joint venture with Dallas-based Pioneer Natural Resources Co. (NYSE: PXD) and its partner Newpek LLC in the Eagle Ford. Additionally, Reliance acquired a 40% interest in a Marcellus shale project headed up by Atlas Energy for $1.7 billion in April.

Representatives from both Reliance and Chesapeake declined comment on the rumors. However should a successful agreement be reached, an announcement regarding the deal could be made within 30 days.