On 19th March 2015, the Kazakh government published amendments to export duty rates, with immediate effect. The oil export duty rate has been reduced from US$80/tonne to US$60/tonne. We estimate state revenue will fall by over US$700 million in 2015. We estimate NPV10 of seven companies – Chevron, KazMunaiGas, ExxonMobil, KazMunaiGas E&P, CNPC, PetroChina and LUKOIL – will increase by a total of US$5.6 billion. Tengiz is the largest project affected by the export duty change.