New Zealand First's oil and gas exploration policy is "a very high-risk way to spend $1 billion", a resources law expert says.

A climate activist says New Zealand First's billion-dollar pledge for oil and gas exploration would be better spent on investing in renewables.

Analysis - New Zealand First, led by Parliament's longest serving MP, is playing the long game - both in building party support and policy.

New Zealand First's oil and gas exploration policy is "a very high-risk way to spend $1 billion", a resources law expert says.