Foreign Minister Julie Bishop believes the latest version of a global agreement on climate change is 80 per cent there but warns there are still key issues to sort out.
The fourth iteration of the United Nations climate change conference draft agreement was revealed on Thursday night (Friday morning AEDT), having been chopped from 29 pages to 27.
Ms Bishop said negotiations were at a delicate stage, noting a number of options could go either way.
The foreign minister will make a number of interventions in the next stage of negotiations, which are expected to run throughout the night.
"I suspect it's going to be a very long night, Ms Bishop told reporters in Paris on Thursday night.
However, Ms Bishop remains hopeful she'll walk away from the talks with a deal that's in Australia's national interest.
Negotiators from 196 parties are hoping to seal a climate deal to curb emissions and limit global warming to 2C.
Australia wants five yearly reviews, a transparent measuring process and for all countries to contribute to climate action.
"The text is 80 per cent there," Ms Bishop said.
However, the foreign minister said the draft's different requirements for developed and developing countries were confusing.
Oxfam Australia was pleased the draft contained a requirement for quantified funding goals for poorer countries and urged negotiators not to scrap it.
However, executive director Helen Szoke said it was "extremely disappointing" that references to human rights had dropped out of the text.
There are question marks over the Friday night deadline for the talks, which conference president Laurent Fabius admits is extremely close.
"It's time to come to an agreement," he told the parties while releasing the text late on Thursday night.
"We have all been aware of the fact that compromise does require us to forget the ideal solution for everybody, so that we can obtain what is desirable for everybody."
Ms Bishop conceded the talks could go into the weekend.
The French will no longer accept statements repeating known positions - which has made up much of the past few days of negotiations.
Ms Bishop won't point fingers at countries for pushing back against the agreement, saying there remained a lot of goodwill around the table.
"Overall people don't want this to be another Copenhagen," she said, referring to the failed climate talks six years ago.
Greens leader Richard Di Natale, who is in Paris for the talks, believes Australia, despite a change in leader, hasn't won a reputation for playing a constructive role.
"I'm getting a very strong sense from the delegations that I speak to Australia, while not actively undermining the negotiations, they are an obstacle to achieving a deal," he told AAP.
Senator Di Natale believes Prime Minister Malcolm Turnbull, who had done a number of deals to get the top job, was ignoring the community on climate change in order to target his partyroom.
"I'm very disappointed so far in the role that he's played here."
MAIN STICKING POINTS
* Differentiation: whether developed nations should be asked to do a lot more than developing nations.
* Ambition: the degree to which the world agrees to limit global warming and the mechanism by which countries boost their emissions reduction targets over time
* Climate Finance: How much should be given to poor countries to adapt to and mitigate climate change and which countries should donate the funds.
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