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

NZ First wants a $1 billion state fund to survey deep sea oil and gas reserves, framing it as fuel security. Leader Winston Peters told the party's campaign launch New Zealand may hold "Norway-scale" energy prospects and could reach energy sovereignty within six years. The party proposes a royalty above 50 percent once extraction begins. Greenpeace CEO Russel Norman said the money should go to renewable generation instead.