The high-stakes parleys today stretched to allow negotiators to find a common ground on sticky issues like the differentiation between developed and developing nations and providing finance to the countries hit by the impacts of rising temperatures.
"I will not present the text Friday evening, as I had thought, but Saturday morning," Laurent Fabius, Foreign Minister of the host France, told a local TV channel.
One of the diplomats said: "Negotiators pushed through a long night of intense talks. Informal discussions will be ongoing throughout the day, with new text expected by tomorrow morning. At this point, time is of the essence."
Last night, a new, shorter draft incorporating many key issues raised by countries like India was unveiled after intense negotiations. All-night negotiations failed to mend the rifts that have endured for more than two decades.
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In a last-ditch effort to reach a historic deal - that has so far been elusive - and avert a repeat of the 2009 Copenhagen summit that failed miserably, delegates broke into smaller groups to mend their differences.
Key issues like differentiation, ambition and finance were discussed and efforts were ongoing to reach a consensus. Many of the issues raised by India have found its place in the new 27-page draft text - two pages shorter than the previous - but there were topics still to be resolved.
Key issues which India has raised like "sustainable lifestyle", principles based on equity, and common but differentiated responsibilities as mentioned in the United Nations Framework Convention for Climate Change (UNFCCC) find a place in the draft.
Releasing the draft, Fabius said: "On the eve of the
stated end of our conference, we can move to a decisive step to reach a final agreement. I am submitting a new draft to you (nations)."
"I would like you (nations) to look at the document in a new perspective with final agreement in mind. We want an agreement. We are extremely close to finishing line. Is time to come to an agreement," he said.
Various observers maintained that although the new draft negotiating text showed considerable progress on key elements, there is still a lot of work which is left and despite hectic parleys, consensus could only be reached on the final deal till tomorrow morning.
However, various environmental groups said that what has appeared in the draft "is not good enough" and the clock is ticking as the ministers need to resolve the final outstanding issues.
The richer countries were also insisting on a single system of verification of promises for all countries. Developing nations want developed nations to take more responsibility as they have emitted most of the greenhouse gases since the Industrial Revolution.
But the US and other rich nations say emerging economies must also do more, arguing that developing countries now account for most of today's emissions.
However, the final draft offers a compromise over the ambition for a global temperature target.
Nations most vulnerable to climate change had lobbied hard to limit warming to no more than 1.5 degrees Celsius compared with pre-Industrial Revolution levels.
However, other nations wanted a ceiling of 2 Celsius, which would allow them to burn fossil fuels for longer.