SHELL QGC UPSTREAM 1 LIMITED

1. SHELL QGC UPSTREAM 1 LIMITED 2017-10-03 → present
2. BG 123 LIMITED 2008-04-30 → 2017-10-03
3. ALNERY NO. 2773 LIMITED 2008-04-09 → 2008-04-30

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“Based on the above, together with the Directors knowledge and experience of the market, the Directors consider it appropriate to prepare the financial statements for the year ended 31. December 2024 on a going concern basis.”

Group structure

1. SHELL QGC UPSTREAM 1 LIMITED · parent
   1. BNG (Surat) Pty Ltd* 99% · Australia
   2. Condamine 1 Pty Ltd* 99% · Australia
   3. Condamine 2 Pty Ltd* 99% · Australia
   4. Condamine 3 Pty Ltd* 99% · Australia
   5. Condamine 4 Pty Ltd* 99% · Australia
   6. Condamine Power Station Pty Ltd* 99% · Australia
   7. New South Oil Pty Ltd* 99% · Australia
   8. QCLNG Pty Ltd* 99% · Australia
   9. QGC (B7) Pty Ltd* 99% · Australia
   10. QGC (Exploration) Pty Ltd* 99% · Australia
   11. QGC (Infrastructure) Pty Ltd* 99% · Australia
   12. QGC Midstream Services Pty Ltd* 99% · Australia
   13. QGC Northern Forestry Pty Ltd* 99% · Australia
   14. QGC Pty Limited* 99% · Australia
   15. QGC Sales Qld Pty Ltd* 99% · Australia
   16. QGC Upstream Investments Pty Ltd* 99% · Australia
   17. QGC Upstream Limited Partnership 99% · Australia
   18. Queensland Gas Company Pty Ltd* 99% · Australia
   19. Roma Petroleum Pty Limited* 99% · Australia
   20. SGA (Queensland) Pty Ltd* 99% · Australia
   21. SGAI Pty Limited* 99% · Australia
   22. Starzap Pty Ltd* 99% · Australia
   23. Sunshine 685 Pty Limited* 99% · Australia
   24. Sunshine Gas Pty Limited* 99% · Australia
   25. Walloons Coal Seam Gas Company Pty Limited* 74% · Australia
   26. Gas Resources Limited* 99% · Cayman Islands

Significant events

• “The Company recorded a loss for the financial year of $935,308,000 (2023: Profit of $12,054,000). The decrease in profit was primarily due to the impairment charge of $948,773,000 during the year.”
• “During the year, the Company has distributed dividends amounting to $989,500,000 (2023: nil).”
• “As a result of the annual impairment review, management has assessed that there are indicators of impairment in investments in certain subsidiaries having carrying value of $7,280,349,000 and accounted an impairment loss of $948,773,000 million mainly due to the revision of Shell's mid and long-term commodity price assumptions reflecting the current energy market demand and supply fundamentals..”
• “In 2023, the Company did not record any impairment or impairment reversals.”
• “On 24 April 2025, the Company paid interim dividends amounting to $57,000,000.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

7

last 12 months

Capital events

2

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  —

  Not reported

• Net assets

  -22.3%

  £4,622,182,140 → £3,590,445,433

• Employees

  —

  Not reported

• Operating profit

  +206.1%

  -£262,650 → £278,731

• Profit before tax

  -5,552.9%

  £9,143,975 → -£498,608,491

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers