Ehrsam Seeks Control of Venezuelan Oil Fields Amid Shift in US Policy

US Energy Secretary Chris Wright's visit to Caracas in early September is a significant development for Venezuelan oil, and it appears that Fred Ehrsam, co-founder of Coinbase, is positioning himself to take advantage of the shifting landscape.

Ehrsam has been exploring energy investment opportunities in Venezuela since at least May 2026 and has visited Caracas multiple times. He is now pursuing control of three Orinoco Belt oil fields - Boca, Guico, and Guara - which are currently overseen by Alvorada Heavy Industries Ltda.

The US government is reportedly reviewing whether to revoke Alvorada's contracts, which would open the door for Ehrsam and other American investors to step in. This move is part of a broader diplomatic and commercial push, with Wright's visit expected to announce new oil and gas agreements.

Venezuela's oil production has collapsed from 3.5 million barrels per day to less than 1 million due to international sanctions, crumbling infrastructure, underinvestment, and poor governance. The country's oil reserves are estimated at 65 billion barrels across 17 fields, with US companies already securing significant positions under a recent agreement.

The shift in control of Venezuelan oil is driven by both commercial and geopolitical interests. Displacing Maduro-aligned operators weakens the regime's financial networks while expanding US energy influence in Latin America.