Conoco Could Make Decision on Aussie LNG Plant As Soon As May

ConocoPhillips COP, the third-largest U.S. oil company, and Australia's Origin Energy could make a decision on whether to move forward with their proposed $18 billion liquefied natural gas plant in Australia as soon as May, Bloomberg News reported, citing a company executive. ConocoPhillips Australia President Todd Creeger said the companies could make a decision on the project in May-July time frame, but added that the companies would like to make a decision sooner rather than later. The companies could announce smaller deals related to the original pact as Asian customers look to gain access to cleaner burning fuels. Sinopec SNP, Asia's largets oil refiner and China's second-largest oil company, has signed a supply agreement with Conoco and Origin that could be worth up to $71 billion. Houston-based ConocoPhillips could raise debt to help fund the venture, Bloomberg reported. The LNG project won approval from Australian regulators in February and is slated to begin production in 2015. Western oil majors have been targeting Australia as a pivotal LNG market due to rising demand from China and other Asian markets. Chevron CVX, the second-largest U.S. oil company, is focused on the $43 billion Gorgon project while Royal Dutch Shell RDS, Europe's largest oil company, said last year it plans to invest $50 billion in Australia over the next decade.