Origin Energy Ltd. (ORG.AU) said Wednesday its gas export joint venture with ConocoPhillips (COP) has waived its option to acquire a 50% interest in some coal seam gas assets recently bought by Origin.

Origin agreed to pay A$660 million to entrepreneur Paul Fudge for exploration permit ATP 788P in Queensland state in April.

The joint venture's decision to wave the option indicates it is confident it already has enough gas to feed its proposed liquefied natural gas project at Gladstone.

Origin said it will use the asset to supply its domestic gas portfolio.

By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957; ross.kelly@dowjones.com