The energy industry has experienced continued uncertainty in the last 12 months driven by the ongoing impact of the war in Ukraine, China’s continued COVID crisis and the energy transformation. While the impacts of these events have varied across the world regional responses have focussed on energy security, affordability, and decarbonisation. While this has resulted in a greater focus on policy, investment decision making and operational discipline, it has also resulted in discussions at COP27 and DAVOS on energy poverty and the need to ensure equitable access to affordable energy. One important ramification of this uncertainty was the record global capital investment in energy transition activities particularly in renewable energy, electrified transport, and energy storage. From an Australian perspective, against the backdrop of a revised national emissions target and an east coast energy crisis, industry participants attempted to progress capital projects to support domestic energy demand–supply requirements. However, these ambitions were challenged by energy policies, economics, and social activism influences. Consequently, important projects designed to address domestic gas supply constraints were either suspended or experienced postponement of final investment decisions. Furthermore, through the vehicle of mergers and acquisitions, new participants entered the Australian market as established upstream operators actively sort to increase sustainable energy investments through ‘new energy’ business models in the form of portfolio consolidation, divestment, and defensibility as part of the energy transition pursuit and carbon abatement. All of which fosters long-term value creation through the ESG growth space as renewable technologies such as Carbon Capture Utilisation and Storage, experienced significant investment within the local industry. Finally, the unavoidable maturation of oil and gas assets across the nation has also accelerated activities across the Australian market in preparation for the imminent decommissioning wave, which is anticipated to cost billions of dollars over the next decade.