Coinbase Co-Founder Fred Ehrsam Targets Venezuelan Oil Fields

Coinbase co-founder Fred Ehrsam is making waves in Venezuela's oil industry. He is seeking control of at least three Venezuelan oil fields operated by Alborada Heavy Industries through his company Primavera, which he founded to invest in the country.

The move comes as the US government reshapes Venezuela's oil industry and considers canceling existing operating contracts for those oil fields. Energy Secretary Chris Wright is scheduled to visit Caracas this week to unveil as many as 17 new oil and natural gas agreements.

Ehrsam has already made several trips to Caracas to push the acquisition, meeting with senior US and Venezuelan officials in May to review investments in oil and natural gas, as well as fintech. The U.S. government's restructuring efforts aim to replace some operators that have been active since the Maduro era with investors close to President Donald Trump's camp.