The US Treasury sanctioned Bluwaves Properties Limited on August 18, 2026, targeting a single BVI-based company that once held a minority stake in Venezuela's second-largest private oil producer. The move lands roughly a week after the company's owner sold it for $300 million, and comes months after the January 2026 capture of former President Nicolás Maduro reshaped Washington's approach to Caracas.
The US Treasury's Office of Foreign Assets Control designated just one target in its latest Venezuela-related sanctions round: Bluwaves Properties Limited, a company registered in the British Virgin Islands with ties to the country's oil industry. Bluwaves previously held a minority stake in North American Blue Energy Partners, or NABEP, which operates as Venezuela's second-largest private oil producer.
A $300 million exit, right on time
Florida-based energy magnate Harry Sargeant III, a Republican donor with deep ties to Venezuela's oil industry, sold Bluwaves Properties for $300 million around August 10, roughly a week before the sanctions landed. The buyer was reportedly linked to Alejandro Betancourt, a Venezuelan businessman who serves as NABEP's controlling shareholder.
Sargeant's portfolio of Venezuelan interests has spanned asphalt exports and oil field development rights, making him one of the more prominent American players in the country's energy sector.
A shifted political backdrop
This action follows the January 2026 capture of former President Nicolás Maduro, an event that reshuffled Washington's entire approach to Venezuela. After the regime change, Washington eased some restrictions on the country's oil sector by issuing general licenses, creating narrow pathways for US entities to take part in limited oil operations there.
Drawing lines around Venezuela's oil sector
NABEP's status as Venezuela's second-largest private oil producer makes it a significant player in the country's energy output. OFAC targeted a former minority stakeholder rather than NABEP itself, which suggests the government is drawing fine lines around which relationships it considers acceptable.
The $300 million price tag on Bluwaves also gives a rough sense of the valuations in play within Venezuela's private oil sector. For an entity holding a minority position in the country's number-two private producer, that figure reflects both the scale of Venezuela's untapped reserves and the risk premium that comes with operating there.
Source: Crypto Briefing
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