Sargeant Said to Exit Venezuela Oil Stake Amid Pressure Campaign

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Or sign-in if you have an account.(Bloomberg) — Harry Sargeant III, a Florida energy tycoon who served as a longtime back channel between Washington and Caracas, agreed to sell his interests in Venezuela’s second-largest oil producer following a pressure campaign to force him out.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountSargeant on Friday signed a $300 million deal to sell his offshore company, Bluewave Properties Ltd., through which he owned a minority stake in North American Blue Energy Partners, according to multiple people familiar with the transaction. The buyer was a party close to NABEP’s controlling shareholder, Venezuelan businessman Alejandro Betancourt, according to the people, who asked not to be identified discussing details of the deal.Sargeant declined to comment on the transaction. Betancourt and a representative for NABEP didn’t immediately reply to messages.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againSargeant had come under intense pressure from the Trump administration to divest his position in the company. The Treasury Department froze the assets of Bluewave Properties and a separate Treasury license allowed Sargeant to unwind his interests in the firm, Bloomberg previously reported. Bluewave hadn’t been listed on Treasury’s sanctions list as of Monday, but the company is operating on the premise that it is sanctioned, the people said.The deal was signed Friday afternoon, shortly before the Treasury Department notified Sargeant’s attorney of the dual actions, the people said.A Treasury spokesperson didn’t reply to messages seeking comment.During years of deep hostility between the US and Venezuela, Sargeant leveraged rare access on both sides to convey messages back and forth. In 2025, the Republican Party donor and former US Marine pilot helped free US hostages detained in Venezuela. At the same time, he cultivated deals in a country most oil companies shunned because of political risk and US sanctions.NABEP has navigated political swings in Venezuela and economic sanctions in recent years to grow production to 160,000 barrels a day, according to Petroleos de Venezuela SA and industry estimates. It pioneered a more flexible contract model with PDVSA, the state-owned driller, that gave it more operational control. That structure has since become the standard for new entrants in the sector.After US forces captured former strongman Nicolás Maduro in January, Sargeant fell out of favor with the White House at the behest of Venezuela hawks and US allies who view him and others as having enabled Maduro to cling to power.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.