Mumbai: Australia's Origin Energy, which rejected a $11.9 billion (A$13.6 billion) hostile bid by British energy firm BG Group Plc, has instead shortlisted several companies to build a liquefied natural gas project.

Origin, which rejected BG's $11.9 billion hostile offer as undervaluing its business and future prospects, plans to build an LNG project using Origin's coal seam gas (CSG) reserves - the largest in Australia.

Origin, according to the company's own estimates, has proved, probable and possible (3P) CSG reserves needed to support a two-train (6 million tonnes per annum) project.

A number of ''global participants in the energy industry" had proposed LNG projects of various sizes, managing director Grant King said  in the statement. He, however, did not name the companies.

King also said teaming up major energy groups for the production of LNG from CSG could further increase domestic gas price realisations and may deliver better value for shareholders than BG's offer.

Sydney-based Origin is planning to commit a majority of its CSG reserves to an LNG project.

Banking sources have mentioned Royal Dutch Shell, BP, ConocoPhillips and Chevron Corporation as possible candidates.

Origin, which doubled its 3P CSG reserves to 10,122 petajoules in May, also said its CSG assets alone could be worth A$9.8 billion, or A$0.97 a gigajoule, going by current valuations.

For BG, which plans an A$8 billion LNG project in northeastern Australia with Queensland Gas Co Ltd, the acquisition of Origin could boost reserves and help expand the proposed plant.

BG also contends that its offer fundamentally supported Origin's share price at the time and said the prices may instead fall as in the case of many other Australian CSG firms that have seen share prices ''fall materially from post-announcement levels.''

Origin shares have risen to the A$17.01 to A$20.00 range since BG first made its offer, chairman Kevin McCann pointed out.

Origin is planning to go for an independent valuation of its CSG assets before BG's offer closes on 26 September.