* Long road ahead before bill can be passed
* Several clauses controversial, to be resisted
ABUJA, March 8 (Reuters) - Nigeria's long-awaited oil billhas passed a second reading in the upper house, paving the wayfor it to go to specialist committees to be discussed, Senatesources said on Friday.
The comprehensive Petroleum Industry Bill (PIB) has beenmore than five years in the making and previous versions failedto get through parliament. Billions of dollars of investmentinto oil and gas production is on hold until it gets passed.
The bill seeks to overhaul fiscal terms and reform the stateoil company, amongst a raft of other measures, but severalclauses are controversial and likely to be resisted.
Closing debate after a second reading late on Thursday,Senate President David Mark said lawmakers were united in theiropposition to sweeping new powers granted to the oil minister,Diezani Alison-Madueke, in the current version of the bill.
"We are very united on the fact that too much power is givento the minister, particularly ... where the minister can grantleases unconditionally," Mark said.
"By the time (the bill) ... comes back there will beamendments, additions and subtractions ... the draft bill thathas been given to us is not sacrosanct."
Legislators are divided over the idea of a 10 percent wealthfund for southeast communities who live around the oil fields.
Northerners argue that governors of oil producing statesalready get 13 percent extra revenue.
Mark, who hails from Nigeria's "Middlebelt" -- where thelargely Muslim north and mostly Christian south meet -- urgedlegislators to look beyond regional interests.
"The bill is not north versus south, far from that. Becausewhat is good for the north is also good for the south," he said,adding the host community fund was "most contentious."
President Goodluck Jonathan says investment in the country'soil industry was falling because of delays to the passing of thebill. A major licensing round for new fields is unlikely to goahead until the bill is passed.
Shell said last month it would invest $30 billionin offshore projects if there was clarity over contract terms.