New Zealand First will invest in surveying the country's offshore basins for oil and gas supplies to use domestically and export around the world, if elected.
By Lillian Hanly of RNZ
Leader Winston Peters says the country can no longer ignore the potential "in our deep sea basins".
"We will find those energy reserves, we will extract them, and what we find we will use to make our country prosperous again."
But it could take years for those supplies to be secured, with Peters saying surveying would take two years, and "within six years" the country could have its own supply.
Winston Peters made the announcement to nearly 400 delegates and another few hundred supporters at the launch in Auckland. (Source: 1News)
He made the announcement to a crowd of nearly 400 delegates and another few hundred supporters at the party's campaign launch on Sunday in Auckland.
It also comes as deputy leader Shane Jones confirmed he is contesting the Northland seat, and Peters ruled out working with Labour in 2026.
Peters spoke of the immediate effects of being an isolated country and "totally dependent on international supply lines of oil and gas", saying one of the most concerning issues facing the nation was fuel security and supply.
'This needs to change'
Peters made a dig at policies recently announced by Labour and National on solar power panels, saying other parties wanted to "tinker around the edges" of the issue.
"We say New Zealand has one of the greatest potentials in the world to have ownership of our own supply of oil and natural gas."
Peters said New Zealand potentially held Norway-scale energy prospects in the rock beneath the sea floor and that had never been "accurately surveyed".
He said the odds of New Zealand having a major commercial discovery were "well above 90%", and the country could no longer ignore that potential.
"If we identify those reserves in our basins, we will have the ability to utilise the natural resources we have to make our country secure, prosperous and to build real resilience."
The party would campaign on making an initial investment of $1 billion into a "National Subsurface Development Survey".
That would identify and create one national dataset across energy, geothermal and CO₂ storage sites, creating the framework for New Zealand to develop those sites and "extract those resources".
Peters said the country had 10 prospective basins with "world-class potential".
"The Great South Basin has had eight wells drilled in its entire history and the deeper horizons are untested.
"The existing seismic data is two technology generations old, covering only a fraction of our subsurface inheritance."
He called the policy a "game changer" and expected results within 12 months that could then be converted into "knowledge that global capital can bid against".
"Within the first 24 months the highest-ranked basins will have surveying completed with wells identified, and the first physical proof that reserves exist."
He said within six years, the country could have a pathway to own and control its own supply of energy that could be used domestically and exported around the world.
The party would place a royalty above 50% on all extractions as production matures and set "fair terms" while explorers carry the risk of "proving the fields".
He said the finds would be used to end gas shortfalls and establish a Norwegian-model sovereign fund.
"New Zealand has natural resources that are there, ready to be utilised to transform our country.
"This is about New Zealand's economic sovereignty and security; we cannot wait and continue to be beholden to international interests and decision-making."
He said it was about taking hold of new opportunities and embracing "hope for a new direction".
'Hope and a better tomorrow'
The theme of the speech was about a better tomorrow but it also acknowledged the history of the party.
"We salute you here today as the next generation, together with a former one, taking this party forward to new levels of success."
He described the party as being the "greatest challenge to blind ideology, to social elitism and to the status quo".
"We, from the very beginning, have been for one country, one people, one law, one flag, regardless of gender, race, or religion."
He described fighting for the "hardworking blue-collar Kiwi battler" and no longer accepting the status quo, who represent the "establishment".
"We have a real chance to change the path we are on as a country, give hope a chance, and make New Zealand great again."
He used his speech to outline policy wins New Zealand First had achieved over time but also in the current coalition government.
That included increasing frontline police numbers, although that policy was not achieved in the planned timeline.
"We repealed the Natural Health Products legislation.
"We have taken men out of women's sports," he said to much applause.
"We are making English an official language," he said, also to significant applause.
He asked supporters to party vote New Zealand First and stop the "Pepsi or Coke" pendulum swing, a reference to National and Labour.
He also specifically ruled out working with Labour in 2026, saying the party cared more about social justice issues, socialist economics and cultural separatism.
On the surveying announcement, National was quick to respond, with a short press release landing, while Peters was still speaking.
Energy spokesperson Simeon Brown said the policy was a reminder that Peters and Jones supported the oil and gas ban, when in government with Jacinda Ardern.
"New Zealand had a thriving oil and gas industry, before Winston Peters and Shane Jones did a deal with Labour and the Greens to ban offshore exploration," Brown said.
"This policy is peanuts compared to that mistake."
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