Florida energy tycoon Harry Sargeant III has agreed to sell his stake in North American Blue Energy Partners (NABEP), Venezuela’s second-largest oil producer, in a deal valued at $300 million. The transaction, finalized on Friday, marks a significant retreat for the businessman who previously served as a key back-channel intermediary between Washington and Caracas.
Multiple sources familiar with the matter confirmed that Sargeant’s offshore entity, Bluewave Properties Ltd., was sold to an associate of Venezuelan businessman Alejandro Betancourt, the controlling shareholder of NABEP. The divestment follows a concerted campaign by the Trump administration to force Sargeant out of the Venezuelan energy sector, citing his past ties to the country’s leadership.
The US Treasury Department had previously frozen the assets of Bluewave Properties, effectively compelling the firm to operate under the assumption of sanctions. Although the company was not formally listed on the Treasury’s sanctions list as of Monday, the pressure led to a licensing agreement that allowed Sargeant to unwind his interests. The deal was signed shortly before the Treasury notified Sargeant’s legal counsel of formal actions against his holdings.
Sargeant, a former US Marine pilot and Republican donor, had long maintained a complex role in US-Venezuela relations. While he was instrumental in facilitating the release of US hostages held in Venezuela in 2025, his ability to operate in a market largely avoided by Western firms due to political risk became a liability. Following the capture of former strongman Nicolás Maduro by US forces in January, critics and administration hawks intensified calls to isolate individuals perceived as having enabled the previous regime to sustain its power.
NABEP remains a significant player in the region, currently producing approximately 160,000 barrels of oil per day. The firm gained prominence by pioneering a flexible contract model with the state-owned Petroleos de Venezuela SA (PDVSA), a structure that has since been adopted by other international entrants seeking operational control in the country’s volatile energy sector.