Chevron sold off much of its assets in the North Sea, no longer viewing the region as a high priority. Ithaca Energy, backed by Israel-based Delek, agreed to buy Chevron UK’s oil and gas assets in the North Sea for $2 billion, taking over interests in 10 producing oil fields, according to S&P Global Platts . Chevron UK’s holdings including stakes in the Alba, Alder, Britannia, Captain, Elgin/Franklin, Erskine, and Jade fields. The deal in and of itself is not exactly a bombshell news event, but the motivation on Chevron’s part is notable. “Chevron has a deep portfolio of high-return tight-oil opportunities through its leading position in the Permian basin — this sets a very high bar in the internal competition for capital within Chevron’s portfolio, making regions such as the UK now look more peripheral,” oil consultancy Wood Mackenzie said on Thursday, according to S&P. WoodMac said Chevron […]