Interview w NIS CEO Kirill TyurdenewInterview in Energy Intelligence 9/22/19 What I find interesting is Serbia old fields are declining at 20 to 25% per year and trying to maintain the same rate of production 1.2 million tones (24,000 BoE/D) through increases in tech development and NIS projects outside of Serbia. Also says later they plan to develop our own existing assets. This in my mind means Romania!! Enjoy the read. Q This year, NIS is prepared to update until 2025 its development strategy, which was adopted in 2017. What are the main goals you plan to achieve? A Its too early to outline the parameters of the updated strategy, we are working on them now. In the autumn we will submit the strategy for the shareholders approval. Q You already mentioned that in 2018 NIS produced 1.3 million tons of oil equivalent. What is the production plan for 2019? Are you planning any actions to stabilize declining production, or to increase it? A Indeed, the companys production is declining because in Serbia we are working at mature fields, and if nothing is done, production will be declining by 20%-25% annually. We managed to keep this decline rate at 3%-4% thanks to the implementation of modern technologies and measures to improve efficiency. The long-term goal is to find an opportunity to keep production at 1.2 million toe/yr. We can do this through technological development and implementation of NIS projects outside Serbia. Q So what is the production forecast for 2019? A It should be flat on 2018. Q Are there any interesting assets in Serbia? A In Serbia, most of the areas have already been studied, captured by various types of seismic. I dont think there might be any surprises here. However, we are constantly taking measures to increase oil recovery rates and we managed to achieve some success as we were on time to invest the money in the development of NIS scientific and technical center and to boost the efficiency of our investments in exploration and production segments. Q Are you planning any field acquisitions? A We look at various possibilities. Q Are you still considering opportunities outside Serbia? A We consider various options. If you look at other oil companies in the region including Mol, OMV or INA most of them grew because they produced oil in various regions in Africa, the Middle East, Northern Europe, and not only onshore, but also offshore. But this is a complicated business connected with country risks. In our company we consider such projects only in the medium term and with a partner with whom we can share the risks. In the short term, we plan to develop our own existing assets, where the successful implementation of the production program will allow us to talk about the possibility of expanding the horizons of our presence.