Fred Ehrsam seeks control of Venezuelan oil fields

Fred Ehrsam, co-founder of Coinbase, is reportedly seeking to take control of at least three oil fields in Venezuela’s Orinoco Belt through his investment firm, Primavera. The assets in question include the Boca, Guico, and Guara blocks, which are currently operated by Alvorada Heavy Industries.

These negotiations are occurring amidst a broader restructuring of the Venezuelan energy sector supported by the United States. While Alvorada Heavy Industries has invested approximately $30 million since 2023 to reactivate inactive wells, officials are reportedly evaluating the possibility of revoking their contracts.

Ehrsam has maintained contact with both Venezuelan and U.S. officials while exploring opportunities in oil, gas, and digital finance. The potential reallocation of these assets coincides with a wider reorganization of the Venezuelan petroleum industry involving various international companies.