Word has leaked to the international press that Indian energy conglomerate Reliance Industries is stalking a joint-venture opportunity in the Eagle Ford shale. Specifically, looking to acquire a 40% piece of Pioneer Natural Resource's South Texas stake. The sum: $2 billion. If you'll remember, Reliance took a 40% piece of Atlas Energy's holdings in the Marcellus shale for $1.7 billion, completed last month, joining a growing line of foreign players coming to onshore America. And if you'll remember, Pioneer has been not-so-quietly shopping for a JV partner this spring. The company has some 310,000 net acres in the Eagle Ford. An announcement is imminent by the end of June. Wells Fargo Securities analyst Michael Hall pegs the metrics at $16,130 an acre, which he notes is higher than expectations of $12,000 per acre and better than Reliance's bid for Atlas' Marcellus shale assets at $14,167 an acre. If so, Reliance joins ExxonMobil and Royal Dutch Shell as majors moving on large positions in the shales. The same rumors say Reliance is in further talks with other shale players. Don't be surprised if the Indian company, led by the world's fifth richest man Mukesh Amboni, ends up with a dominant footprint in North American shale gas.