Mexican president signs oil and gas law Saturday Dec 21,2013

 

Mexican President Enrique Pena Nieto has signed on  Saturday Dec 21,2013 a controversial law that allows foreign companies to drill for oil for the first time since the sector was nationalised in 1938. 

The legislation was passed by Congress on December 13,2013 and ratified by a majority of Mexican states.The legislation was then ratified by 24 out of 32 Mexican federal entities (31 states and the Federal District).

"This is the beginning of a new history for our country. We have opened the doors for a better future for all," said President Pena Nieto
President Pena Nieto says the reform will help Mexico attract the investment needed to boost its falling oil output.

The opposition says it damages national interests.

The legislation changes three articles in the Mexican constitution and allow foreign investment in oil, gas and electricity.

Private companies will be allowed to sign contracts to drill for oil and gas with state-controlled firm Pemex, which will get a share of the profits