Winston Peters Proposes $1 Billion Offshore Energy Survey

New Zealand First leader Winston Peters launched his party's 2026 election campaign in Auckland by proposing a $1 billion National Subsurface Development Survey. The policy aims to identify offshore oil, gas, geothermal, and carbon dioxide storage sites to secure domestic energy supplies, reduce power costs, and establish a sovereign fund modeled after Norway's. Peters stated that the investment would be funded through a new Future Fund and expects physical proof of reserves within 24 months, with a path to domestic supply and exports within six years.

The proposal has faced criticism from political opponents and academics. National Party leader Christopher Luxon and energy spokesperson Simeon Brown described the move as ironic, noting that New Zealand First previously supported a ban on offshore exploration during a deal with the Labour Party and the Greens. Brown characterized the new policy as insignificant compared to the impact of that previous ban.

Academic critics have also questioned the viability of the plan. Barry Barton, a law professor at the University of Waikato, labeled the investment high-risk and suggested funds be redirected toward renewable energy and home insulation. Additionally, David Dempsey of the University of Canterbury cited a lack of domestic refining capacity and bipartisan agreement as significant structural hurdles. Despite these concerns, some experts expressed support for the inclusion of geothermal and carbon storage research in the survey.