NZ First pledges $1 billion for offshore oil and gas surveys

At NZ First's campaign launch in Auckland, Winston Peters pledged a $1 billion "National Subsurface Development Survey" of New Zealand's offshore basins. He put the odds of a major commercial oil and gas discovery at "well above 90 percent" and said the country could have its own supply within six years. Peters also proposed a royalty above 50 percent and a Norway-modelled sovereign wealth fund.