Origin Energy Ltd (ASX:ORG) says its 50:50 joint venture with ConocoPhillips, a $US35 billion project in Queensland, has been given the green light by the federal government.
The environmental approval does come with a number of strict environmental conditions, but ultimately clears the way for a final investment decision.
The project, called Australia Pacific LNG, involves converting coal seam gas to liquefied natural gas (LNG) in the Surat and Bowen Basins and the construction of a LNG facility near Gladstone.
Environment and Water Minister Tony Burke says after rigorous assessment, he has concluded that the project can go ahead without unacceptable impacts on matters protected under national environment law.
Origin says Australia Pacific LNG will pursue high environmental, community consultation and development standards both through the construction period and operational life of the project.
In the year to 30 June 2010, Origin Energy booked a net profit of $680 million.
