Core Viewpoint - The company, Tongyuan Petroleum, is expanding its overseas market presence by establishing a subsidiary in Libya to enhance its competitiveness and business scale [1] Group 1: Market Opportunity - Libya has significant oil and gas resources, with proven oil reserves exceeding 48 billion barrels, ranking first in Africa and tenth globally [2] - The country is strategically located for oil and gas exports to Europe, making it a key player in European energy security [2] - Libya's oil production and export have been gradually recovering since August 2024, with the National Oil Corporation planning to increase crude oil production from 1.4 million barrels per day to 2 million barrels per day by 2028 [2] Group 2: Company Strategy - Tongyuan Petroleum's subsidiary, Yilong Hengye, has secured multiple high-quality oil service projects in Libya, including the 70DB drilling rig project and other operations [3] - The company aims to leverage its differentiated competitive advantages, such as advanced perforation technology, to enhance its market position [4] - Establishing a subsidiary in Libya will allow the company to deepen its integration into the local market and improve its competitive edge [5] Group 3: Financial Context - As of July 29, Brent crude oil prices increased by 7.25% and WTI prices by 6.30%, indicating a favorable market environment for oil service companies [4] - The oil service industry is experiencing high demand due to increased capital expenditure in the upstream oil and gas sector [4] Group 4: Global Market Expansion - The company has a comprehensive domestic market presence across major unconventional oil and gas development areas in China [5] - Internationally, the company is expanding its footprint in North America and regions like Algeria, Kazakhstan, and Libya, enhancing its global market layout [5]