The board of Abu Dhabi's ADNOC endorsed plans on Monday to bring forward the company's five million barrel per day oil production capacity expansion to 2027 from a previous target of 2030, the state oil firm said in a statement.
The new date will provide ADNOC with the flexibility to meet rising global energy demand, it said.
The United Arab Emirates' hydrocarbon reserves increased by 2 billion stock tank barrels (STB) of oil and 1 trillion standard cubic feet (TSCF)of natural gas in 2022.
The additional reserves increase the UAE's reserve base to 113 billion STB of oil and 290 TSCF of natural gas, ADNOC said.
ADNOC's board of directors, which was chaired by the UAE's President Sheikh Mohammed bin Zayed on Monday, also approved the creation of ADNOC Gas.
A gas processing and marketing entity to be effective from January, the company will combine the operations, maintenance and marketing of ADNOC Gas Processing and ADNOC LNG into one consolidated entity.
ADNOC said it plans to float a minority stake in the new company on the Abu Dhabi Securities Exchange (ADX) in 2023.
A five-year business plan and capital expenditure of 550 billion dirhams ($150 billion) for the period 2023-2027 was also approved by the board to enable the company's growth strategy.