Kumkol Oil, which holds a contract for exploration and production at an oil and gas site on the border of Kyzylorda and Karaganda regions, earned a profit of 290.8 million tenge in 2025, following a loss of 224 million tenge in 2024, according to the company's financial statements. This was reported by Qazaqyia.kz citing Kursiv Media.
The company is owned by the Seitzhanov family, who rank 27th on Forbes' list of the richest Kazakhs with $402 million.
Kumkol Oil's revenue grew more than fourfold to 2.05 billion tenge from 483.2 million tenge in 2024. By the end of 2025, the company's retained earnings amounted to 540 million tenge.
The company signed a contract on May 28, 2021, for exploration and production of hydrocarbons at a site near the Kumkol field, located in the Syrdarya district of Kyzylorda region and Ulytau district of Ulytau region.
In 2026-2027, the company planned to drill two independent appraisal wells at the site with a depth of 1,200 meters. The total area of the geological allotment is 1,631.7 square kilometers.
At the end of 2021, Kumkol Oil announced plans to drill three wells at the site in 2021-2023: Kumkolskaya-1 with a depth of 1,700 meters (plus/minus 250 meters), Kumkolskaya-2 with a depth of 1,700 meters (plus/minus 250 meters), and Kumkolskaya-3 with a depth of 2,200 meters (plus/minus 250 meters). The company expected to receive oil and gas inflows from these wells.
According to the South Oil website (historically owned by the Seitzhanov family), in March 2022, the first oil inflow was obtained at the Kumkolskaya-1 well (oil was also obtained at two other facilities). In this regard, in January 2023, the company approved an addition to the exploration project, preparing a report on the operational calculation of oil and dissolved gas reserves at the site, which was sent to the Geology Committee.
The company planned to start production at the site during the trial operation period of the field, with a further transition to commercial production. Kumkol Oil does not specify oil production volumes, but in December 2022, in a statement on planned activities at the site, it was reported that up to 1,000 tons of oil per day (25 trucks of 40 tons each) were planned to be transported along the projected field road between the company's wells.
Kumkol Oil's activities include exploration of oil, gas and other deposits, extraction and processing of oil, gas, production of petroleum products, and other activities. Kumkol Oil is registered in the village of Zhana Shilik, Otyrar district, Turkestan region. The sole owner of Kumkol Oil is the Financial-Industrial Trade Corporation Ontustik. The co-owners of the Financial Trade and Industrial Corporation Ontustik are Bakytzhan Seitzhan (son of Serikzhan Seitzhanov), Zhanna Seitzhanova (daughter of Serikzhan Seitzhanov), Kanshaim Seitzhanova (wife of Serikzhan Seitzhanov), Baurzhan Seitzhanov (son of Serikzhan Seitzhanov), Nurzhan Seitzhanov (son of Serikzhan Seitzhanov), and Serikzhan Seitzhanov. Historically, the interests of entrepreneur Serikzhan Seitzhanov and his family were various types of business in Shymkent and Turkestan region.
According to the Adata.kz service, Serikzhan Seitzhanov owns the following assets: Oil Securities security agency (Shymkent), MSK-PGS (Turkestan region), private fund Serikzhan Seitzhanov Charitable Foundation (Turkestan region).
Kanshaim Seitzhanova owns: Khadisha Hotel (Shymkent - at the company's registration address is the five-star Rixos Khadisha Shymkent hotel owned by the family), private institution Nursery-garden Kos-ana (Shymkent).
Baurzhan Seitzhanov owns the International Scientific and Educational Complex Astana (Astana). Nurzhan Seitzhanov owns Ontustik-Gas (Turkestan region), Mineral Impex (Shymkent), Mayfair (Shymkent), Satti Zhol (Shymkent), Nur-Kariken Tuz (Shymkent), Uly Dala Export (Shymkent), Silk Way Aero (Shymkent), Adilet (Shymkent), public association Table Tennis Federation of Shymkent (Shymkent), Standard Sports (Shymkent), Kaznafta Bitum Packaging (Shymkent), Standard Football Academy (Shymkent).
Zhanna Seitzhanova owns Kas-Beton (Turkestan region), Pontos-Bereke (Shymkent).
Bakytzhan Seitzhan owns Oks-Education (Shymkent), Standard Construction-7 (Turkestan region), Gold Minerals (Shymkent), Business Center Baqyt (Shymkent), Akbastau 30 (Turkestan region), Elite Service LA (Shymkent), public association Federation of Powerlifting, Bodybuilding and Fitness of Shymkent (Shymkent), Elite Gissar (Shymkent), Table Tennis Federation of Shymkent (Shymkent), Standard Minerals (Shymkent), West Petrol Group (Shymkent). The Seitzhanovs also own the Rixos Turkestan hotel, Khanshaiym Plaza shopping and entertainment center, and other assets.