Coinbase Co-Founder Fred Ehrsam Seeks Control of Venezuelan Oil Fields

COINBASE CO-FOUNDER FRED EHRSAM IS PURSUING CONTROL OF THREE VENEZUELAN OIL FIELDS

Ehrsam has been secretly meeting with Venezuelan officials since May, and his company Primavera is leading the bid. The three blocks are located in the Orinoco Belt, which holds the world's largest proven reserves at 303 billion barrels.

The US government is weighing whether to strip the current operator Alvorada Heavy Industries of its contracts, according to Bloomberg. Ehrsam's access to Venezuelan officials is unusual for a crypto founder, given his background with Coinbase and the White House.

Recovery in Venezuela will be slow, with Rystad Energy expecting national output to grow by 17% by late 2028. Meanwhile, the payments side of Ehrsam's pitch could move faster, as Venezuela moves towards formal dollarization.