Mexican President Enrique Pena Nieto has signed 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 13 December and ratified by a majority of Mexican states. President Pena Nieto says, the reform will help Mexico attract the investment needed to boost its falling oil output. Oil production in Mexico has dropped from 3.4 million barrels per day in 2004 to the current rate of 2.5 million barrels per day.