Ehrsam Eyes Venezuelan Oil Fields Amid US Sector Overhaul

Coinbase co-founder Fred Ehrsam is eyeing Venezuelan oil fields as part of a broader effort to inject foreign capital into the country's struggling oil sector. The assets in question are located in the Boca, Guico, and Guara blocks of the Orinoco Belt, which are operated by Alvorada Heavy Industries Ltda.

US officials are evaluating whether to revoke contracts tied to these blocks, with Energy Secretary Chris Wright set to arrive in Caracas this week to showcase up to 17 energy agreements. The moves come as Washington seeks to overhaul parts of Venezuela's oil sector and replace Maduro-era operators with those aligned with the Trump administration.

Ehrsam, a billionaire, has repeatedly traveled to Caracas to survey prospects in energy, fintech, and digital payments. He is also seeking to acquire at least three producing areas in Venezuela through his firm Primavera.