NZ First promises to invest in oil, gas surveys
New Zealand First leader Winston Peters has pledged a $1 billion investment to survey offshore basins for oil and gas if his party is elected. He argues that domestic energy production is essential for national security and economic prosperity.
Why it matters
This proposal represents a significant shift in energy policy, prioritizing fossil fuel extraction over current renewable-focused trends.
New Zealand First will invest in surveying the country's offshore basins for oil and gas supplies to use domestically and export around the world, if elected.
Leader Winston Peters says the country can no longer ignore the potential "in our deep sea basins".
"We will find those energy reserves, we will extract them, and what we find we will use to make our country prosperous again."
But it could take years for those supplies to be secured, with Peters saying surveying would take two years, and "within six years" the country could have its own supply.
He made the announcement to a crowd of nearly 400 delegates and another few hundred supporters at the party's campaign launch on Sunday in Auckland.
It also comes as deputy leader Shane Jones confirmed he is contesting the Northland seat, and Peters ruled out working with Labour in 2026.
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