The main NIS production facilities are in the Republic of Serbia, while subsidiaries and representative offices have been established in Bosnia and Herzegovina, Bulgaria, Romania, Russia and Angola.

The precursor of today's NIS was the "Oil Exploration and Production Company" with headquarters in Zrenjanin, founded in 1949 by the decision of the government of the Federal People's Republic of Yugoslavia (FPRY).

The "Company for Oil Exploration and Production Naftagas" was established in 1953 pursuant to the decision of the government of FPRY, when management was relocated to Novi Sad.

In October 2005, NIS was transformed into a joint-stock company, appointing its own Shareholders’ Assembly, Board of Directors and other managing bodies.

[4] Adjoining contracts signed with Gazprom were about inclusion of Serbia in the South Stream gas-pipeline project and the construction of an underground gas storage facility in Banatski Dvor.

[6] In June 2010, NIS was transformed into an open joint-stock company, and is listed on the Belgrade Stock Exchange since 30 August 2010.

[1] In December 2024, the President of Serbia Aleksandar Vučić announced that the United States and its western allies are imposing sanctions on NIS (as it is majority owned by Russian companies) starting from 1 January 2025.

[15] The company disposes with all necessary equipment for the performance of a whole range of complex activities such as geophysical exploration, control of production of crude oil, gas and geothermal energy.

In terms of electric energy trade, NIS is present on the markets of Serbia, Bosnia and Herzegovina, Romania, Slovenia and Hungary, as well as North Macedonia.

In 2017, Pančevo Oil Refinery was the first Serbian energy company to obtain the IPPC certificate (integrated certificate) from the state authorities on the integrated pollution prevention and control, confirming that the production process in the Refinery is fully compliant with the highest domestic and European standards in environmental protection.

NIS develops aviation fuel supply, bunkering, lubricants and bitumen sale and distribution as separate businesses.

[21] In December 2012, NIS opened the first petrol station under the Gazprom brand in Serbia,[22] and subsequently in Romania (the same month),[23] and in Bulgaria (in July 2013).

[25] As of 2019, NIS owns the largest network of filling stations in Serbia, a total of 297 filling stations, including loading terminals, LPG bottle shops, warehouses, aviation fuel pumping facility at Belgrade Nikola Tesla Airport and a network of depots across Serbia.