Primavera Infinita signs contract with PDVSA to develop Venezuelan oil fields

Primavera Infinita, an energy company co-founded by Coinbase co-founder Fred Ehrsam and Manuel Iribarren, has signed a Productive Participation Contract (CPP) with Petróleos de Venezuela S.A. (PDVSA). The agreement focuses on developing the Budare-Elotes block.

The company aims to reach a production target of 100,000 barrels of oil per day in the short term. To support this goal, Primavera Infinita has recruited industry professionals previously associated with Chevron Corp. and Occidental Petroleum Corp. to develop infrastructure for conventional and heavy oil production.

While the company intends to deploy technology and capital to recover mature fields, specific details regarding the financing structure and operational timeline have not been publicly disclosed. The project follows the rescission of a previous contract involving LNGEG Growth I Corp in early 2026.