Occidental Petroleum Corp has indicated that it is selling its majority stake in oil fields located in Middle East and North Africa in order to streamline its operations and boost profitability.

The company will also sell other assets in the region to boost value for shareholders by streamline global operations. Experts have said that the company is looking to boost its share values in order to calm investors whose anger led to the ousting of Chairman Ray Irani earlier in the year as the share prices remained low.

Stephen I. Chazen, the company's chief executive, said in a statement Friday that, "Our goal is to become a somewhat smaller company with more manageable exposure to political risk. We will continue to consider additional strategic alternatives of the company to maximize total returns to our shareholders.

The company will sell 35% stake in the general partner of Plains All-American Pipeline for $1.3 billion before taxes and also consider strategic alternatives for other assets such as its oil and gas interests in the Williston Basin, Hugoton Field and the Piceance Basin.

The company's holdings include Middle East and North Africa includes interests in the Sirte Basin in Libya, the Zubair Field in Iraq and the Awali Field in Bahrain. Analysts were predicting that the company would sell its assets in the region.