Over the weekend at New Zealand First’s annual convention, and campaign launch, party leader Winston Peters announced a new oil and gas exploration policy. The Party would invest a billion dollars in a national subsurface development survey to establish a single dataset for oil, gas, geothermal, and carbon dioxide storage sites.
In his announcement, Peters focused on the potential of New Zealand’s offshore oil and gas basins, claiming there was a 90 per cent chance of a major commercial discovery, and that New Zealand potentially held Norway-scale energy prospects.
Concerns have been raised about the policy, with environmental agencies such as Greenpeace criticising its potential climate impact, and other critics calling the investment a gamble based on New Zealand’s recent unsuccessful attempts at oil and gas exploration.