Overview
- The Treasury’s Office of Foreign Assets Control froze assets of Bluewave Properties Limited while issuing a specific license that permits owner Harry Sargeant III to divest his interest in the company.
- Multiple reports say a roughly $300 million sale of Bluewave was executed in the same narrow window as the freeze and license and that the buyer is affiliated with Venezuelan businessman Alejandro Betancourt.
- Bluewave previously held a minority stake in North American Blue Energy Partners, which produces about 160,000 barrels per day, and the reported transfer would concentrate more control with Betancourt’s affiliated interests.
- The action is legally unusual because the freeze came with a divestment license and Bluewave had not been listed on OFAC’s Specially Designated Nationals list as of mid-August, leaving questions about timing and compliance.
- The move follows a broader U.S. policy shift after the January 2026 change in Venezuela’s political situation and it provides a rare market price signal for sanctioned-era oil assets while reshaping ownership in the country’s private oil sector.