Kazakhstan FengYuanXinMao Energy Ltd., a Chinese oil and gas company that has been granted subsoil plots in the Atyrau and Mangistau regions, increased its net loss more than threefold in 2025, reports infohub.kz.

According to the financial statements, the company's loss amounted to 1.35 billion tenge, compared to 388.5 million tenge a year earlier. The bulk of expenses were administrative costs, financing costs, and revaluation of long-term loans.

The company was registered in Astana in April 2024. Its sole participant is Glory Road Trading Limited, and the ultimate controlling person is a Chinese citizen, Zhang Hongzhi. The director is a Chinese citizen, Liu Peng.

Kazakhstan FengYuanXinMao Energy operates in the exploration and production of hydrocarbons, as well as oil and gas extraction. In 2024, the company received six-year exploration and production contracts for three blocks: Tashagyl in the Atyrau region, and Kendala North and Kendala South in the Mangistau region.

The statements show that the company has not yet generated any revenue. In 2025, there were no sales of products or services, as in the previous year.

Meanwhile, the company continued to finance geological exploration projects. Earlier, in public discussion materials, it was reported that Kazakhstan FengYuanXinMao Energy plans to conduct 2D seismic surveys totaling 1,000 linear kilometers and drill 18 exploration wells.

For 2025, the company's administrative expenses increased to 282.6 million tenge from 20.6 million tenge a year earlier. Additional pressure on the financial result came from expenses related to changes in the fair value of long-term loans amounting to 1 billion tenge and financing costs of 344.6 million tenge.

Despite the lack of operating activity, the company received 72.9 million tenge in deposit income and 212.9 million tenge in positive exchange rate differences. However, this was not enough to offset expenses.

The company also has branches in Atyrau and Aktau, through which it conducts work on its Kazakhstani projects.

Earlier, Kursiv reported that Kazakhstan FengYuanXinMao Energy Ltd. would drill wells to find oil in Kazakhstan.