Oct 14 (Reuters) – The Spanish government and two U.S. companies will invest 100 million euros in a joint venture to explore natural gas deposits in Basque Country in northern Spain, two newspapers reported on Friday evening.

Basque regional leader Patxi Lopez made the announcement in Dallas, Texas, where he is traveling with a group of Basque business leaders, El Mundo and El Pais newspapers reported on their on-line sites.

Lopez said there were potentially 180 billion cubic meters of natural gas in the deposits in the area south of Alava — enough to meet Spain’s demand for five years — and that two wells would be drilled to see if extraction was technically and economically viable, the papers reported.

 

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