US independent Occidental Petroleum (Oxy) has received board approval to move forward with a much-anticipated strategic restructuring that will see the company “pursue the sale of a minority interest in the Middle East/North Africa operations.” Oxy will also farm out of select North American assets.

Just how this will be achieved is still unknown, though some industry experts speculate that Oxy may bring in a new partner or offer up its assets as a bundle, since selling off chunky individual asset sales would be a lengthy and potentially costly process. (CONTINUED - 1326 WORDS)