Sargeant Exits Venezuelan Oil Stake Amid Pressure Campaign

Harry Sargeant III, a Florida energy tycoon and former US Marine pilot, has agreed to sell his minority stake in North American Blue Energy Partners (NABEP), Venezuela's second-largest oil producer.

The deal, worth $300 million, was signed on Friday afternoon, with the buyer being a party close to NABEP's controlling shareholder, Venezuelan businessman Alejandro Betancourt.

Sargeant had come under intense pressure from the Trump administration to divest his position in the company, and Treasury Department actions froze the assets of Bluewave Properties Ltd., which owned the stake.

NABEP has navigated Venezuela's political risks and US sanctions to grow production to 160,000 barrels a day, with a flexible contract model that gave it more operational control.