Home-grown liquefied natural gas (LNG) company Pavilion Energy on Wednesday received an award from the Oil & Gas Council for its innovative efforts within the LNG market.

One notable development the Temasek-backed firm has helped push for in the past year was Singapore's new price index for LNG, the SGX LNG index Group (Sling), as the country is gearing up to become the LNG hub for Asia.

Group chief executive Seah Moon Ming, at the Asia-Pacific Assembly and Awards dinner, said that its LNG arm Pavilion Gas has made the first trade on the Sling with Dutch comodity trading giant Trafigura, following the launch of the index on Monday.

"We see this as a positive step towards using a gas-linked LNG price marker for the spot market in Asia," said Mr Seah.

"Sling provides a more transparent and fair price for both LNG buyers and sellers in Asia. With the current oil price volatility and uncertainty, there is no better time to index the price of our gas in Asia to regional gas fundamentals."

Oil & Gas Council chairman Ross Stewart Campbell noted that increased energy supplies worldwide, coupled with lower energy demand, has resulted in the depression of oil and gas prices.

"But companies who succeed in today's marketplace are those who can truly innovate their business practices, processes and methodologies," he added.

"(Pavilion Energy's) application of the first ever LNG Swap… in Singapore further evolved Singapore as the hub of Asian gas trading and cemented their own position as a benchmark of excellence."