ConocoPhillips will be likely to approve natural gas projects

Origin Energy, an Australian partner of ConocoPhillips, announced that it has gradually caught up with its competitors and aims to pass a development plan in December.

Today the company announced that its basic profit has increased by 10%. It also stated that a year ago, the Australian Pacific Natural Gas JV had lagged behind its competitors, and the gap was flat today.

Australian electricity and gas retailers have stockpiled inventories to support the LNG joint venture's two production projects in Queensland, and hope to obtain approval from the federal government before the end of the fourth quarter investment plan. The first LNG project will be launched in the fourth quarter of 2014.

Santos Ltd. and British Natural Gas will also make a final decision this year whether to build a natural gas project in Queensland that will convert the weather extracted from the coal seam into liquid gas. Shell also plans to establish a Queensland LNG joint venture.

The LNG project launched in 2015 will be able to meet the expected growth. In recent years, a large number of LNG have entered the market, and the limited production capacity will increase in the next five years.