Brazil Congress committees clear two oil bills

BRASILIA Nov 4 (Reuters) - Brazilian congressional committees passed on Wednesday two of four bills designed to overhaul the country's oil legislation and give the government greater control over vast new offshore reserves.

Developing the new oil fields, which lie below a thick layer of salt deep beneath the ocean floor, will cost an estimated $400 billion and could make Brazil one of the world's top ten oil exporters.

Committees in the Chamber of Deputies, the lower house of Congress, approved a bill creating a fund that would invest oil revenues in education, health, and environment. A second bill was approved to create a new state agency to administer the new subsalt oil contracts.

There is no consensus among legislators on two other bills that make up the oil reform package. One would give state energy giant Petrobras (PBR.N)(PETR4.SA) new oil fields held by the state, boosting the company's capital.

Another bill would change the existing concessions system to a production-sharing model, requiring that Petrobras operate and hold a minimum 30 percent stake in all new projects in the offshore subsalt province.

Michel Temer, head of the lower house, wants to begin voting all four bills in the plenary on Nov. 10. If approved, they would then go to the Senate, where the government has a narrower majority than in the Chamber.

If amended by the Senate, they would have to return to the Chamber for a final vote.

If Congress fails to pass the bills by late May, the government proposal risks being sidelined by soccer's World Cup and campaigning before October 2010 general elections. (Reporting by Natuza Nery; writing by Raymond Colitt; Editing by Christian Wiessner)