Companies serving the global energy industry are generating record levels of overseas revenue but remain reluctant to enter new export markets, according to the latest Survive and Thrive report by the Energy Industries Council (EIC).

The report found that exports accounted for an average of 57 per cent of company revenues in 2025, up from 49 per cent the previous year and the highest level in four years.

However, growth has largely come from existing international markets rather than expansion into new territories, which remained the least-used business strategy for the 10th consecutive edition of the report.

Based on insights from 136 energy supply-chain companies across the UK and Ireland, Europe, the Middle East and Africa, Asia-Pacific, North America and South America, the study revealed that 75 per cent of companies achieved record revenues in 2025, while 91 per cent expect further growth in 2026, with average revenue increases forecast at 32 per cent.

Instead of pursuing geographic expansion, companies are prioritising resilience, optimisation and diversification.

Resilience strategies rose to 18 per cent in 2026 from 10 per cent the previous year, while optimisation increased to 19 per cent.

Diversification remained the leading strategy at 25 per cent, reflecting efforts to manage uncertainty across global energy markets.

The report highlighted a gap between announced energy ambitions and projects reaching final investment decision (FID).

While around one-quarter of oil and gas projects under development have reached FID, the figure is significantly lower for renewables, hydrogen, carbon capture and offshore wind projects.

Oil and gas continues to dominate industry revenues, with 94 per cent of respondents active in the sector, contributing an average of 59 per cent of revenue.

Meanwhile, companies are increasingly expanding beyond energy, with non-energy activities now accounting for 32 per cent of average revenue as firms seek greater resilience amid the evolving energy transition.

 

Stuart Broadley, EIC CEO, said: “The supply chain is becoming much more selective about where it takes risk. Companies are growing internationally, but they’re doing it where they already understand the market, the customers and the regulatory environment.”

 

He added: “We’ve tracked this for 10 years, and what we’re seeing is that developing a genuinely new market remains the least-used strategy. The supply chain follows certainty. Give companies a bankable pipeline, stable rules and customers ready to buy, and they will invest. Without those conditions, they will protect the balance sheet and stay close to the markets they know.”

 

Rebecca Groundwater, EIC’s Global Head of External Affairs, said: “Wherever companies operate, they’re saying the same thing, which is that businesses don’t need more targets. What they really need is stable policy, faster decision-making and a pipeline of projects that actually reaches final investment decision. That’s what gives companies the confidence to invest, recruit and export.” -OGN/TradeArabia News Service