* Proposal to be decided by July 1 rather than May 1

* Delay a "good thing" -critic representing Abu Dhabi fund

(Adds reaction from Gassled partner, detail on the policy)

OSLO, April 15 (Reuters) - Norway has postponed plans to slash natural gas transport tariffs for new gas contracts, a senior government official said on Monday, following an outcry from investors in the country's gas pipeline system.

In January the government said it would lower the tariffs to encourage higher production in mature fields and exploration in the frontier areas of the Arctic. ID:nL6N0AK79C

Since then, at least three of the partners in the system - called Gassled - have protested against the proposal as it greatly cuts their profits.

These partners represent several international investment funds, such as the Abu Dhabi Investment Authority, the Canadian Pension Fund, German insurer Allianz ALVG.DE , Swiss bank UBS

UBSN.VX and France's Caisse des Depots CDCEC.UL .

They have spent $5.1 billion in recent years acquiring stakes in Norwegian pipelines, then considered a safe and steady investment bet.

On Monday the government said it was delaying its plans. The policy, first announced in January, was due to come into force on May 1.

"We need more time to make a decision ... until July 1," Erik Johnsen, deputy director-general of the Norwegian oil and energy ministry, said in an interview, declining to comment further.

One of the plan's critics welcomed the delay.

"It is a good sign they realise more time is required for the process," said Trygve Pedersen, head of Solveig Gas, a Gassled partner representing the Abu Dhabi Investment Authority, Allianz and the Canadian Pension Fund.

"I just hope they take all views into account," he said.

Gassled partners have threatened to stop investing in Norway if no changes were made.

Other investors have also criticised the policy, including PSP Investments and Folketrygdfondet, the Norwegian state pension fund.

Major operators of Norwegian oilfields, such as Statoil

STL.OL , Total TOTF.PA and ExxonMobil XOM.N , have also objected to the plans. ID:nL6N0C7CY6]

(Reporting by Gwladys Fouche; Editing by Louise Heavens)

((gwladys.fouche@thomsonreuters.com)(+47 22 93 69 76)(Reuters Messaging: gwladys.fouche.reuters.com@reuters.net))

Keywords: GASSLED FEES/