Aug. 20 (Bloomberg) -- The state-owned company Brazil is considering creating to control the country's pre-salt oil fields may sell oil-backed bonds to finance its investments, O Estado de S. Paulo reported.

A government panel set up to study options for the pre-salt fields is studying that possibility, the newspaper said, without saying where it obtained the information.

The state-owned company would use the proceeds to reinvest in exploration and production, delaying government plans to finance education programs and fight poverty, the newspaper said.

The so-called pre-salt region off the Brazilian coast may contain 50 billion barrels of oil, according to U.K. research company Neftex Petroleum Consultants Ltd.

To contact the reporter on this story: Anabela Reis in Lisbon at areis1@bloomberg.net.

Last Updated: August 20, 2008 04:42 EDT