Energy suppliers reluctant to explore new export markets: EIC report
Oil and gas continues to underpin much of the industry's revenue base.
Companies supplying the global energy industry are earning a record share of their revenue overseas, but they continue to avoid expanding into new export markets, according to the latest Survive and Thrive report by the Energy Industries Council (EIC)
Developing business in new countries was the least-deployed business strategy for the 10th consecutive edition of the report, according to the EIC, the world-leading energy trade association. This is despite the average share of revenue from exports increasing to 57% in 2025 from 49% in the previous year, its highest level in four years. But this growth is coming primarily from established markets.
The report is based on interviews and case studies from 136 energy supply-chain companies based in the UK and Ireland, Europe, the Middle East and Africa, Asia-Pacific, North America and South America. It shows that 75% of companies made record revenues in 2025, while 91% expect continued growth this year, forecasting average revenue growth of 32%.
Rather than pursuing expansion strategies, companies are pivoting in 2026 towards resilience, which accounted for 18% of business strategies, up 8% from the previous year. In a similar vein, optimisation jumped to 19% from 12%, while diversification remained the most common strategic response at 25%.
The findings point to growing confidence in existing operations rather than confidence in the wider investment environment.
Gap between ambition and execution
The report also reveals a gap between announced energy ambitions and projects reaching construction. Around one-quarter of upstream, midstream and downstream projects under development have reached final investment decision, compared with 13% in renewables, 10% in hydrogen, 8% in carbon capture and 8% in offshore wind. Less than 1% of floating offshore wind projects have secured final investment decision.
Oil and gas continues to underpin much of the industry’s revenue base. The majority of respondents, 94%, are active in the sector, which generates an average of 59% of company revenue. Meanwhile, participation in renewables declined to 49% from 59%, although renewables’ average contribution to revenue increased modestly to 13%.
EIC CEO Stuart Broadley commented, “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.”
“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.”
The report also found that companies are spreading commercial risk amid uneven project delivery across parts of the energy transition by diversifying their activities beyond energy. Average non-energy revenue reached 32%, while non-energy sectors ranked among the leading investment priorities in Asia-Pacific, the Middle East and Africa, and Europe.
