Coinbase Co-Founder Seeks Control in Venezuela Oil Shake-up

US Energy Secretary Chris Wright's visit to Caracas this week is set to unveil new oil and gas agreements, part of Washington's efforts to reshape Venezuela's oil industry. One of the key figures involved in these negotiations is Fred Ehrsam, co-founder of Coinbase, who is seeking control of at least three Venezuelan oil fields.

The fields, operated by Alvorada Heavy Industries Ltda in the Boca, Guico and Guara blocks of Venezuela's Orinoco Belt, are under contracts that US officials are considering revoking. This move is part of a broader effort to replace some Maduro-era operators with Trump-aligned investors.