Chinese-controlled player New Age is looking for partners to fund further exploration work on its acreage in Ethiopia.

The country has one of the fastest growing economies in Africa and needs to find indigenous oil and gas — it currently imports all its oil — because its reliance of hydropower is being hampered by the increasing frequency of droughts.

Gavin Elliott, senior exploration geologist with New Age, told the APPEX Global event earlier this month that “Ethiopia has ambitions to be an energy exporter to the wider north-east Africa region (supported by) vast hydroelectric and geothermal energy potential".