India’s Reliance Industries Ltd. (RIL) is exploring the sale of its interest in a joint venture with Pioneer Natural Resources Co. (NYSE: PXD) in the Eagle Ford Shale, people familiar with the matter said.

Bloomberg had earlier reported that Pioneer was considering a possible sale of its Eagle Ford Shale oil and gas operations. Reliance is a joint-venture partner with Pioneer. Pioneer does not appear to be moving forward with a sale at this time.

Reliance, a Mumbai-based energy and chemicals conglomerate, is working with Citigroup Inc., sources told Bloomberg, asking not to be identified discussing private information. The assets are operated by Pioneer.

Reliance entered in to the JV with Pioneer in 2010 by acquiring a 45% stake in 212,000 net acres for $1.15 billion.

The venture has a total value of at least $4 billion, the people said. Another investor in the venture, Alfa SAB’s Newpek LLC unit is also exploring a sale of its share and being advised by Tudor Pickering Holt & Co.

Spokesmen for Citigroup, Alfa, and Pioneer declined to comment, while a representative for Tudor Pickering didn’t respond to requests for comment.

A spokesman for Reliance said the company doesn’t comment on speculation.

Pioneer itself has previously tried to find buyers for the assets. In August, the company triedt o sell its stake for $5 billion before withdrawing after bids were unsatisfactory.

In September, UBS Investment Bank named the company as a potential takeover target by an integrated company.

The Eagle Ford assets have become more attractive since the U.S. Commerce Department in June ruled that more oil being pumped from shale formations is eligible for export. The advances in technology that have unlocked oil and natural gas from shale formations like the Eagle Ford have drawn acquirers to the region.

Pioneeer management "has previously indicated that all assets are for sale at the right price, likely true for every E&P in our view,” said Gordon Douthat, senior analyst, Wells Fargo Securities.

A potential sale of the Eagle Ford makes sense for PXD. While the company's balance sheet remains in strong standing and PXD is not necessarily capital constrained, the company is investment grade rated, and it would like to maintain this cost of capital advantage, Douthat said.

The company needs to build out water infrastructure and expand its sand mine, among other capex requirements. Pioneer’s capital spending includes $2.2 billion in the northern Spraberry/Wolfcamp area and $545 million in the Eagle Ford.

Arun Jayaram, analyst, Credit Suisse Securities, said it would be surprising to see the company monetize its Eagle Ford assets.

Pioneer’s Eagle Ford assets produced 47 thousand barrels of oil equivalent per day (Mboe/d) in the second quarter of 2014. Assuming $60,000 per flowing boe values the proved developed reserves at $2.8 billion.

“We believe fair value for PXD’s Eagle Ford position is $4.5 billion,” Jayaram said. “PXD has 131 MMboe of proven reserves in the Eagle Ford, which includes 130 PUD locations. In addition, PXD sees an undrilled inventory of 1,400 locations and 450 MMboe of incremental resource potential.”

Occidental Petroleum Corp. (NYSE: OXY) is working with Tudor Pickering to seek buyers for assets in North Dakota worth as much as $3 billion, people familiar with the matter said.

However, a sale looked unlikely by Oct. 14, said Mike Kelly, senior analyst, Global Hunter Securities.

“We confirmed with the company that the recent press reports regarding a Bakken sale are unreliable,” Kelly said. “OXY concurred that it had listed its Bakken assets with other noncore US assets late last year, but as it did not receive competitive bids, it decided to hold on to the position for now.”