Government intervention and increased regulatory scrutiny have altered the investment environment for the energy sector in Australia. Asia’s efforts to decarbonise will drive long-term investment in Australia’s renewable, hydrogen and carbon capture potential. But as the energy sector shifts emphasis back towards security of supply and affordability, Australia remains a key destination for upstream investment. Looking closer at Australia’s oil and gas sector, how are companies positioned to manage the rising complexity and uncertainty faced when making long-term capital decisions? Are Australia’s homegrown players leaders or laggards when pitched against their international peers? And how competitive are Australia’s oil and gas champions in the context of the country’s wider natural resources sector? Benchmarking corporate positioning through the lens of near-term resilience and long-term sustainability, we will identify the challenges, opportunities and strategic implications for Australia’s corporate oil and gas landscape.