Strategy Page 36 See last sentenceExploration and Production Most of the investments planned by NIS up to 2025 will be allocated for the exploration and production segment. In the upcoming period, NIS expects a slight decline in base oil and gas production compared to the previous year, but this will be compensated for by the existing reservoirs engineering, ge-ological exploration in Serbia, further development of the most profitable foreign concessions, primarily in Romania, as well as a steady operational efficiency increase.