Three International oil companies are currently undertaking oil exploration at various established blocks in the country, Dr A. Ofori Quaah, Acting Chief Executive of the Ghana National Petroleum Corporation (GNPC), said at the week-end.

They are Dana Energy Corporation of the United Kingdom, Devon Energy Corporation and Hunt Oil Company both of the United States.

Dr Quaah, who was speaking to journalists at Tema, said two other oil companies whose names he did not disclose were also negotiating for blocks to explore oil soon.

He said the new GNPC being set up with the staff to be retained after the retrenchment exercise would encourage oil exploration.

They would also examine data at drilling sites, evaluate seismic data, geographical locations as well as geological and engineering data.

On the restructuring of GNPC, he said 489 workers have so far been requested to proceed on terminal leave another 108 have been retained to undertake day to day duties; "while we negotiate the terminal benefits for those redundant staff."

"Tentatively, we will start negotiations for packages of the redundant staff this week and hope to finish this by the end of September. After we have paid them off, the new GNPC will start with 72 employees as decided by the consultants."

On the 4.59 billion cedis Staff Provident Fund being audited, Mr Kalibi Abu Ali, Head of Finance said, following the submission of the draft report, efforts were being made to find out the so-called bank investments that the trustees of the fund claimed they made. Among the Trustees of the fund being investigated are Mr Kanzing Tabariyeng, Internal Auditor, Chairman and Mrs Vivian Benasco, Personnel and Administrative Manageress.