$1 billion fund to explore for offshore oil and gas
At its 2026 campaign launch in Auckland on 19 July, NZ First leader Winston Peters pledged an initial $1 billion national survey fund to explore New Zealand's deep-sea basins for oil and gas. Peters said the investment could build a pathway to energy independence within six years and help lower power prices, with royalties above 50% applying to extractions as production matures.
The debate
Greenpeace chief executive Russel Norman said the money would be better spent on renewable electricity generation, describing the pledge as a risky gamble unlikely to lower prices and pointing to falling global demand for oil and gas. National's Simeon Brown said the policy sat at odds with the earlier support Peters and Shane Jones gave to an offshore exploration ban while NZ First was in government with Labour and the Greens.
This overview is summarised by AI from public sources. It may contain errors and is a guide, not the definitive record — we welcome corrections.
Key milestones
Peters unveils $1b oil and gas survey fund at NZ First campaign launch
At NZ First's campaign launch in Auckland, Winston Peters announced an initial $1 billion national survey fund to explore deep-sea basins for oil and gas, saying it could put New Zealand on a path to energy independence within six years and that royalties above 50% would apply as production matured.
Greenpeace says money would be better spent on renewables
Greenpeace chief executive Russel Norman said the $1 billion would be better invested in renewable electricity, calling the pledge a gamble that oil companies might find something usable in a decade and arguing it was unlikely to lower power prices.
Sources
- NZ First leader Winston Peters unveils new policy at campaign launch — NZ Herald ↗
- NZ First's $1b pledge for oil and gas exploration better spent on renewables — Greenpeace (RNZ) ↗