The decision to announce that GLX is ready for transactions follows a successful trial period across June and July that saw participation from more than 25 global LNG companies.
The member-based online platform, established by industry professionals to create more efficient and transparent spot trading of LNG, allows cargoes to be bought and sold via a proprietary trading system.
GLX founder and CEO Damien Criddle was Shell's Singapore-based senior legal counsel for more than four years based advising Shell Eastern LNG on Asia Pacific sales and purchases, diversions, spot sales and regas terminal positions.
Criddle said the trials were "extremely well received" by participants, providing an opportunity to give hands-on experience with the platform and demonstrate how tenders and auctions on the GLX platform are conducted.
The trials involved simulated trading and general testing of the platform with participants from international and national energy companies based in North Asia, Southeast Asia and Europe as well as from South and North America.
"The platform offers an efficient, secure and compliant way to capitalise on the shift to a more liquid and diverse international market," Criddle said.
GLX's foundation member, Woodside, is looking to transact on the platform.
Rob Cole, who spent nine years rising through Woodside's ranks to become its second most senior executive under managing director Peter Coleman, is chairman of GLX.
Cole quit his brief six-month tenure heading up Beach Energy in 2015 to attend to family matters in Perth, having worked as a corporate lawyer for 20 years before that.
Woodside executive vice president marketing, trading and shipping Reinhardt Matisons said the LNG producer was supportive of the development of trading platforms that assist in increasing liquidity and transparency of the LNG market under a clearly defined governance framework.
"Consequently, we are pleased to be a foundation member of GLX and look forward to transacting on the platform. We would encourage other producers, buyers and traders to support development of such independent trading platforms," Matisons said.
Criddle is confident that GLX's membership base continuing to grow.
Deloitte's national oil and gas lead Bernadette Cullinane, who helped build the platform prototype as a consultant when she was Accenture's Perth-based MD, told Energy News recently that the rationale behind GLX was similar to the Singapore Exchange.
That was to start up a spot price index for Asian LNG or an earlier exchange to track the price of LNG in the Middle East and Indian markets, to increase transparency.
