NZ First pledges $1 billion for deep sea oil and gas exploration survey fund

NZ First has pledged an initial $1 billion national survey fund for deep sea oil and gas exploration around New Zealand, framing it as a fuel security measure. Leader Winston Peters told the party's campaign launch that New Zealand potentially held "Norway-scale" energy prospects and could have a pathway to energy sovereignty within six years. The party proposes a royalty above 50 percent on all extractions as production matures. Greenpeace CEO Russel Norman called it a gamble that would not guarantee lower power prices, saying the money should go to renewable generation instead.