Egypt is producing 695,000 barrels a day of crude and condensates, Oil Minister Abdalla Ghorab said.

Separately, the North African country is continuing negotiations over increasing the price of natural gas exported to countries such as Jordan and Israel to bring them in line with global prices, Ghorab said today in a telephone interview from Cairo.

Egypt holds Africa’s sixth-largest crude oil reserves, with 4.5 billion barrels, and the continent’s third-biggest gas reserves, with 78 trillion cubic feet (2.2 trillion cubic meters), according to data from BP Plc. The country produced 736,000 barrels a day of oil and 61.3 billion cubic meters of gas last year, the data show. BP, BG Group Plc, Royal Dutch Shell Plc, Eni SpA and Apache Corp. are among the companies operating in Egypt.

Source: Bloomberg