# Fred Ehrsam investment in Venezuelan oil > Live situation record from CLSTR: https://clstr.news/situations/fred-ehrsam-investment-in-venezuelan-oil > Updated: 2026-09-11T07:10:45.000Z. Sources: 4. Developments: 2. Fred Ehrsam, co-founder of Coinbase, is working to establish a presence in the Venezuelan energy sector through his investment firm, Primavera. Initial reports indicated that Ehrsam was seeking control of at least three oil fields in the Orinoco Belt—specifically the Boca, Guico, and Guara blocks—which were then operated by Alvorada Heavy Industries. These efforts occurred during a broader restructuring of the Venezuelan petroleum industry supported by the United States. Following months of building connections in Caracas, Primavera successfully signed production-sharing contracts with the state-owned oil company PDVSA. While major international firms have largely avoided the region, Primavera has emerged as one of the few U.S. entities to secure such agreements. Analysts have noted that Ehrsam’s entry into the sector is considered high-risk due to his lack of a traditional oil industry background, but they also suggest that significant increases in Venezuelan production could impact global crude prices and cryptocurrency liquidity. ## Timeline ### 2026-09-11: Fred Ehrsam’s Primavera signs oil production contracts in Venezuela Coinbase co-founder Fred Ehrsam’s investment firm, Primavera, has signed production-sharing contracts with Venezuela’s PDVSA, marking a high-stakes entry into the oil sector. 2 sources. https://clstr.news/cluster/fred-ehrsams-primavera-signs-oil-production-contracts-in-venezuela ### 2026-09-03: Fred Ehrsam seeks control of Venezuelan oil fields Coinbase co-founder Fred Ehrsam is reportedly negotiating to acquire three oil fields in Venezuela's Orinoco Belt via his firm Primavera, amid a U.S.-backed restructuring of the nation's energy sector. 2 sources. https://clstr.news/cluster/fred-ehrsam-seeks-control-of-venezuelan-oil-fields --- Cite as: Fred Ehrsam investment in Venezuelan oil. CLSTR, https://clstr.news/situations/fred-ehrsam-investment-in-venezuelan-oil