It was incredible, "when the bad energy decisions of the past have come back to haunt New Zealand", the government could only fund a $NZ1.4 million increase to the Energy Efficiency and Conservation Authority but $21.6 million to "subsidise" the oil and gas industries, said Green co-leader Jeanette Fitzsimons today, referring to the "Think Big" projects two decades ago.

"This is a massive subsidy for unsustainable, climate changing energy sources. Nowhere near this level of funding is going into researching renewable energy sources, even though common sense tells us that renewables are the way of the future. "

Earlier this week the Government announced it would contribute $NZ3.6 million a year for six years to Geological and Nuclear Sciences Ltd to further identify the petroleum potential of various regions, with the aim of attracting new exploration companies to New Zealand.

GNS research program leader Peter King said the New Zealand exploration sector was struggling to build the critical mass needed to ensure discovery of new reserves sufficient to offset the economic and social disruption caused by the looming demise of the Maui field.