Ehrsam Eyes Control of Three Venezuelan Oil Fields
Fred Ehrsam, co-founder of Coinbase and Paradigm, is in talks to take operating control of at least three oil fields in Venezuela's Orinoco Belt. This would be his first known move into physical energy assets from crypto financing. The push is part of a wider American-led restructuring of Venezuela's oil sector that began after the January capture of Nicolás Maduro.
Ehrsam's venture, Primavera, has been exploring opportunities in Venezuela since May. At that time, he met with interim President Delcy Rodríguez and other senior officials to discuss oil and gas, fintech, and digital payments. He also appeared at a session on the 'finance of the future' where he pitched a three-part framework built on dollar-referenced stablecoins, blockchain rails for access to global markets, and tokenization of physical assets such as oil, gas, and minerals.
The three blocks in question are Boca, Guico, and Guara. They sit on the northeastern edge of the Orinoco Belt and are currently operated by Alvorada Heavy Industries Ltda, a Brazilian driller backed by São Paulo-based Galapagos Capital. U.S. officials are reviewing whether to revoke Alvorada's existing contracts as part of a broader effort to replace operators active during the Maduro period with investors closer to the Trump administration.