Oil entrepreneur and Republican donor Harry Sargeant III has emerged as a central figure advising the Trump administration on how to facilitate the return of oil companies to Venezuela, according to multiple sources cited by Reuters.
The discussions come days after a U.S. military operation that led to the arrest of Venezuela’s Nicolás Maduro and left Washington overseeing the country’s oil exports during a transition period.
Sources told Reuters that Sargeant and members of his team have been in contact with senior U.S. officials about potential investment frameworks, infrastructure upgrades and contract terms that could encourage U.S. firms to re-enter Venezuela’s energy sector. Sargeant confirmed that his son and an executive from his companies have participated in talks but said he is not formally advising the administration.
Secretary of State Marco Rubio said this week that the United States would refine and sell up to 50 million barrels of Venezuelan crude, with proceeds controlled by Washington. “That money will then be handled in such a way that we will control how it is disbursed in a way that benefits the Venezuelan people,” Rubio said, as U.S. forces continued seizing tankers linked to Venezuela.
Sargeant has operated in Venezuela since the 1980s through businesses focused on asphalt exports and investments in oil fields. He has also maintained contacts with senior Venezuelan officials, including Maduro and interim leader Delcy Rodríguez, and has longstanding ties to President Donald Trump, according to people familiar with the matter. He has recently met with Energy Secretary Chris Wright, sources said, to discuss the scale of investment required to rehabilitate Venezuela’s oil infrastructure.
Those discussions are unfolding as Trump prepares to meet with executives from major energy companies at the White House on Friday to discuss investment prospects. The president told Fox News on Thursday that oil companies are prepared to spend at least $100 billion to rebuild Venezuela’s energy sector, though administration officials acknowledge skepticism among the largest oil majors because of political and legal risks.
Energy Secretary Wright said it could cost tens of billions of dollars to restore Venezuelan production and that the administration is working closely with Chevron, currently the only U.S. oil company operating in Venezuela. Treasury Secretary Scott Bessent said independent producers have shown strong interest, while larger firms remain cautious.
Reuters reported that Sargeant and other executives have argued that working with Rodríguez would provide continuity and facilitate access for U.S. companies more quickly than backing opposition leader María Corina Machado. The White House declined to comment on Sargeant’s role, but a senior official said the administration is using “maximum leverage” to ensure cooperation on oil, migration and security.
Originally published on Latin Times
