Oil Search PNG Advises US$200 Million Write-Down Due to Oil Price Dip

Oil Search PNG, led by CEO Peter Botten, has recently advised a write-down of US$200 million to re-value the company in light of the recent dip in oil prices, as reported by The Financial Review. 

While this move may strategically position the company in terms of its assets and equity, it raises questions about the impact on shareholders and the assessment of the government's shareholding on behalf of Papua New Guineans. 

Has Peter O'Neill been misled into borrowing and investing heavily, and will the write-down affect the company's share price? And, what does this mean for shareholders and Papua New Guinea Government?

Share Price and Shareholders

A write-down of US$200 million is a significant amount that can greatly impact a company's value. However, it may also serve to put a positive spin on Oil Search's balance sheet and save face for CEO Peter Botten. 

The company has shown strong growth, and there may not be immediate cause for alarm. Nevertheless, shareholders may be concerned about the potential impact on the company's share price.

Positive signs can be seen, as Oil Search's share price has been picking up from a low of AUD6.93 in December 2014 to a high of AUD8.24 in February 2015. 

While there may be fluctuations in price, it remains to be seen whether the US$200 million write-down will have a negative effect on the share price. 

Share price is often considered a good indicator of a company's value in real-time, and if it drops again after the write-down, Peter O'Neill may not be able to solely blame the oil price dip, but also the actions of Oil Search's leadership.

Government Shareholding and Investment Decisions

As a major shareholder in Oil Search, the Papua New Guinea Government needs to carefully assess the value of its shareholdings before any write-down goes ahead. 

A fall in share price after a significant write-down could have devastating consequences for the government and the people of Papua New Guinea.

The write-down of US$200 million is a substantial amount, equivalent to double the operating revenue of Oil Search as of September last year. This could potentially erode a significant portion of the company's value. 

Questions arise as to whether this write-down is a mere smoke-screen to cover up poor investment decisions if any potential investments are cut. It is crucial for the government to thoroughly evaluate the situation and ensure that the best interests of Papua New Guineans are safeguarded.

Conclusion

Oil Search's recent announcement of a US$200 million write-down to re-value the company due to the dip in oil prices has raised concerns among shareholders and the Papua New Guinea Government. 

The impact on the company's share price and the government's shareholding needs to be carefully considered, and questions about the company's investment decisions need to be addressed. 

As the situation unfolds, all stakeholders, including shareholders and the government, will be closely watching the developments and their potential implications for Oil Search and Papua New Guinea's economy.

SBE Awareness: English Only - Elementary Schools To Start With Teaching Phonics, Handwriting Ignored Part Two

Commentary - The Education Secretary talked about increasing time allocation to subjects taught at elementary schools. It is achievable if courses taught in Outcome Based Curriculum are slashed, giving enough time to add to Mathematics, for example. The core subjects to be taught at Elementary schools are Language, Mathematics, English and Culture and Community. 

The idea of scripted teachers' lesson plans is ideal during the introduction of SBE. It must be done properly and in detail rather than a brushed work.

Scripted plans must be complimented with worksheets or teaching aids. If the resources are missing, lessons plans are likely to have little or no use.

I like the way Dr Micheal Tapo explained teaching of phonics, though there is not enough detail. How can elementary teachers teach spelling or reading with emphasis on Phonics? Two common  ways to teach early-years pupils 'how' to sound words are either by learning the sound of letters before sounding words; and or memorising sight words. Put together and phonics make sense. 

FOr example, the 'consonant sounds' and 'vowel sounds' have to be taught at stages. By this I mean instead of learning A, B, C, D, E, F, ....X, Y, Z it would be better to sound them as Aaa, baa, caa, dee, eee, faa, gaa..... Xaa, Yaa, Zaa with the emphasis placed on Aaa, Eee, Iii, Ooo and Uuu. 

These are the basic sounds when reinforced properly at an earlier age, established correct pronunciation, eloquence and accentuation. This 'standard' if developed properly and taught rigorously, like in the days our forefathers, will see great results in students' ability to speak, read, write and use proper English.

What I can be critical about is the emphasis on 'writing'. Writing is a skill. It must be developed properly at Elementary school. But, why is not prescribed alongside Phonics?

The NDoE needs to improve on their ability to clearly set out how to teach Handwriting. This is important and must be part of early years learning. I hope the secretary can take this into consideration. 

Another oversight is the assumption that elementary teachers have teaching aid like mobile phones. The NDoE thinks that they can provide teaching resources in SD cards for teachers to use. Using mobile phones as teaching aid has limitations though the intention is good. Some limitations include battery longevity, visibility, audibility and other practical aspects within classroom setting. 

I am for the Standard Based Education. I want to see it taking off. Despite that, I am of the opinion that the change is far from creating an Education revolution in the country. Not because it is a bad idea. It is simply not prepared well - the change must be smart, sharp and efficient.  

I am afraid after 22 years of Outcome Based Education and scrapping of it, Papua New Guinea is likely to have gone down the same path with SBE as far as preparation, awareness and implementation is concerned. 

Read Page 2 of secretary release in line with commentaries in Part One and Part Two (above)

continue....

Increase in time allocation

There will also be an increase in the time allocation for teaching of English, language and mathematics. The new time allocation for English is 300 minutes per week and for language it is 300 minutes per week while mathematics has increased from 210 minutes per week to 240 minutes per week, an increase of 30 minutes at the elementary level.

Use of phonics

In the first 10 weeks of the first term (Term 1) in 2015, every elementary pupil will be taught reading and spelling using phonics, a method based on the sounds of letters, groups of letters and syllables.

Elementary pupils will also be prompted to read books that the World Bank-backed READ PNG project has provided for classroom libraries so that every pupil is encouraged to read from the beginning of their school life. 

The DOE has produced new curriculum documents in preparation for the teaching of the elementary SBC in 2015. In OBC, elementary teachers were given samples of big lesson books and asked to develop their own lessons using the language of instruction. Hence, teachers spent too much time developing resources and very little time on high-quality lesson delivery, resulting in poor education at the elementary level.

The DOE’s Curriculum Development and Assessment Division (CDAD) has produced scripted lessons and teacher guides:

• English scripted lessons;

• Mathematics scripted lessons;

• Language scripted lessons; and

• Culture and community teacher guide.

In the SBC scripted lessons, detailed lessons in English have been written by the curriculum writers at CDAD for each elementary subject. What the elementary teacher has to do is simply pick up the lesson plan for each period and teach. 

The teacher will spend less time preparing lessons and consequently will spend more high-quality time with the elementary pupils in the teaching and learning activities. Other resources will also be provided to each elementary teacher and class for effective teaching throughout the year. 

The DOE has re-introduced Shell Books to be used together with School Journals to encourage elementary pupils to learn to read English books at an early age. These are produced by the DOE. Shell books are small readers containing stories, with pictures, from Papua New Guinea. They are written in English and Tok Pisin, with space for teachers to translate the stories into their own languages and with questions for the children. 

These books complement the English and language teaching and can support culture and community and mathematics teaching at the elementary level. There are also DVDs containing dramas, songs and music. There are also SD cards for mobile phones containing songs to accompany elementary scripted lessons so teaching and learning become playful and fun, in order to allow elementary pupils to enjoy their lessons. 

The DOE believes that all elementary teachers have private mobiles phones with slots for SD cards, to be used during lessons as his/her teaching aid. In our next editorial we will elaborate on other resources to support and complement the syllabuses.

Dr. Michael F. Tapo, EdD

Secretary for Education

Standard Based Education Awareness: Analysis of Secretary's Statement On SBE Part One

Commentary - 
Papua New Guinea NDoE secretary, Dr Michael Tapo, promised to update parents, elementary school teachers and the country about developments in Standard Based Education is a step forward. In a first of a series, he has released in a three-page pdf document outlining what is likely to happen and what teachers can do to kick-start teaching. His commitment to 'outline issues and developments twice a week' should be commended.

All elementary school teachers are to check the department's website, as they are checking their bank balance every fortnight, to see whether there is an increment in their pay or any new resource for use when teaching.

Be aware that this change is the start of a complete overhaul in the Education System. A new curriculum (the secretary called Standard Based Curriculum) as well as a new Education Structure (Two-Six-six) are now taking effect, starting at elementary. Eventually Papua New Guineans will have realised 14 years of Elementary to Secondary education, instead of 12 years like in the 2-6-4 structure.

In is reassuring to know that lesson plans have been drafted as guides for teachers at the elementary schools to use. Any experience teacher can attest to the fact that a plan created by someone is helpful, but can not be used strictly in classroom by every teacher.  

As the new trend in our education system is taking effect now, 2015. I am afraid the change takes place with minimal preparation. For the changes - both curriculum and structure - to be successful there has to be proper research and guides.

At the moment we are seeing it developed in parts. It is like, building a house without a plan. 

Here is the NDoE press first release:

The Department of Education (DOE) is now embarking on improving the standards of education from 2015 onwards. This means that standards in the school curriculum, teacher preparation and professional development, examinations, inspections, school governance and restructuring of the school system and structures are some of the many components of education which will be improved by a Standards-Based Curriculum (SBC). 

The department will be outlining here SBC issues and developments twice a week to make the public and teachers aware of the changes.

Various means will be used to improve the awareness of the SBC to be implemented in 2015, including

• Minister for Education and Secretary for Education speeches and presentations;

• DOE officers giving presentations to schools and other stakeholders;

• Presentation of SBC documents to schools and other stakeholders; and

• In-service training of all elementary and junior primary school teachers (Grades 3 and 4)

Structure of School System 

The Government has embarked on free and compulsory education in 2015 and the level of resources will need to complement the school structure to enhance the standards of education and to keep the children in school.

• Two years of Early Childhood Education;

• 6 years of Primary education — Grade 1, Grade 2, Grade 3, Grade 4 and Grade 5 and Grade 6 and;

• 6 years of High School/Secondary education — Grade 7, Grade 8, Grade 9, Grade 10, Grade 11 and Grade 12 

Elementary syllabuses

• English 

Elementary teachers will teach English as a subject with the emphasis on teaching phonics through scripted daily lessons. The introduction of English as a subject is to address the low literacy rate in the nation. All teachers will use English as a medium of instruction beginning at this level.

• Language 

This syllabus is important for two reasons. First it will help current elementary teachers to bridge into teaching English. They have been teaching elementary vernacular for many years and the language syllabus will help them to teach English better. Secondly, the elementary pupils will learn English quickly when Language is used to explain different English words or concepts. It is important for the cognitive and literacy skills development of the child, in preparation for reading and writing.

• Mathematics.

• Culture and Community, with science embedded as a subject in this syllabus.

~~~~
Part two of the commentary will be on use of Phonics in Elementary Schools. 

Papua New Guinea National Education Plan - Has The Education System Failed, Is It Failing?

Department of Education Awareness on SBE (CLICK HERE)

Papua New Guineans and concerned friends who do not have the means to put their child/ren in overseas schools or private schools have to take these 4 points seriously: 

1) National Education Plan 2005 - 2014 has lapsed. A new NEP (the NEP 2015 - 2024) is NOT out this year. Why is the plan - road map for the next 10 years - not out in the public before the school year begins? 

2) Curriculum change (Outcomes Based Education to Standards Based Education) is a system-wide change which takes effect throughout every stage of schooling and it starts now, 2015. The Education Minister and National Department of Education secretary mentioned that this change would take effect regardless of early awareness and preparation. How the change will happen or what is actually changing in still not clear. 

3) Structural Change (2-6-6) – The curriculum change is closely followed by structural adjustment. Unlike curriculum change where it takes effect across the system, the two-six-six structural readjustment is gradual. This means that children starting school this year will be pioneer generation. Instead of spending 12 years in schools (i.e. Elementary Gr 1 -2 , primary Gr 3 - 8  and secondary Gr 9-12, every student starting  school in 2015 will spend 14 years (not 12 years) before reaching University. So, Papua New Guineas who send their kids to start school at age 6 or 7 now have to realise that these kids will be 20 or 21 when they do first year at university, not 18 or 19. So, what is the right age to start school now? Do we want our kids to be 20/21 before entering unis? 

4) Project Fee - schools are directed by the Minister and NDoE not to charge project fees or face disciplinary action. Why now and not 2012, 2013 and 2014? Tuition Free Policy was implemented since 2012. Do the parents get a refund backdated to 2012? Most of them had been paying project fees.

These 4 points show that the Education minister, his secretary, education officials and foreign education consultants are playing around with 'human resource' of PNG. The heads are so disorganised putting parents, principals and teachers placed in precarious situation beginning 2015 school year. There is no clear direction from the top. 

These are changes that will have a big impact in the next 10 years (NEP 2015-2024) and the next 14 years (structural change). The best thing the National Department of Education needs to do is to give CLEAR directive to head teachers about what is expected as far as the changes and NEP are concerned.