New Energy and Resources Minister Phil Heatley says the backlash against oil exploration is premature.
"I think it's irresponsible not to explore and get a good sense of what resources New Zealand has. We may not take advantage of them in every case, but it's irrational not to find out what choices we have."
He said the Government has the potential to earn more than $3 billion in royalties alone from oil and gas fields already in production. If the current exploration rate were to increase by 50 per cent that figure could become $12.7 billion.
This doesn't wash with Greenpeace which has launched a hard-hitting advertising campaign hammering the message that an accident at a deepwater well could be a thousand times worse than the Rena spill off the coast of Tauranga.
Climate change campaigner Steve Abels said the organisation would "keep a close eye" on oil companies.