The Ministry of Energy says it is looking for two million dollars to pay the severance awards of about 700 workers of the Ghana National Petroleum Corporation (GNPC).

A source at the Ministry told the Ghana News Agency that the efforts to mobilise the funds for the payment of all entitlements to workers that would be affected by a redundancy exercise have reached an advanced stage.

The Ministry source said workers qualified in petroleum exploration and other administrative staff, who would express their interest to work with a new GNPC to be set up, could reapply for consideration.

It said the new GNPC, "which has been restructured to perform hydrocarbon exploration and no other off-cuts will recruit about 70 employees".

GNPC has received adverse publicity on alleged mismanagement, to the point that its drill ship, Discovery 511 has been sold to defray a debt of 47 million dollars it owed Societe Generale.

The Ministry of Energy has decided to hold a press conference this week to give further details about how the drill ship was sold and other related GNPC matters.

GNPC was established under PNDC Law 64 of 1983, with the objective to undertake the exploration, development, production and disposal of hydrocarbons.

In addition, the corporation was to ensure the training of citizens of Ghana and develop national capabilities in all aspects of petroleum operations.

GNPC was to conduct its affairs on sound commercial lines and in particular, "shall take all necessary steps to ensure that, taking its revenues are sufficient to produce on the fair value of its assets, a reasonable return. "It was also to meet interest payments on borrowings and to provide for repayment of loans made to it.