NZ First Policy Potential Building Block to Revitalise Petroleum Sector
From: Liam Hansen, Energy Resources Aotearoa
Published: 19/07/2026
Energy Resources Aotearoa says New Zealand First’s proposal to invest $1 billion in mapping New Zealand’s offshore petroleum resources could support the exploration and development needed to strengthen the country’s long-term energy security.
Chief Executive John Carnegie says the proposal recognises both New Zealand’s resource potential and the scale of investment required to develop it.
"New Zealand First is backing a sector that can make a substantial contribution to secure and affordable energy for decades to come.
Our country has several prospective world-class petroleum basins. Better information about those resources would help companies assess where further exploration is justified and where to commit capital."
The current Government has reversed the offshore exploration ban, reopened petroleum permitting nationwide, amended the Crown Minerals Act and established the $200 million Gas Security Fund.
Carnegie says that six petroleum permit applications have been publicly notified since open-market applications resumed in 2025, indicating that companies are now ready to pursue exploration opportunities.
"The Government has taken important steps to restore activity in the sector. New Zealand First’s proposal would build on that work by giving investors a clearer view of the opportunities beneath the surface."
Those measures will only translate into sustained exploration and development if investors can rely on them lasting beyond the current term, Carnegie says.
"Investors are being asked to commit substantial capital to projects that can take multiple electoral cycles to move from exploration to production.
The risk that a future government could reverse course will continue to weigh heavily on those decisions.
New Zealand has seen how quickly a policy reversal can stop investment and create energy shortages. Companies need to know that their investment today will be kept whole tomorrow."
Every political party, and every New Zealander, has an interest in secure, affordable and domestically sourced energy, Carnegie says.
"Only a collaborative approach across Parliament will reduce sovereign risk and give investors the confidence to fund the exploration and development New Zealand needs to secure our future energy security and prosperity."
There is too much at stake to play politics with our energy future."