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Ehrsam Seeks Control of Venezuelan Oil Fields Amid US Industry Overhaul

Guavy AI Editorial Team
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Coinbase co-founder Fred Ehrsam is seeking control of at least three Venezuelan oil fields, according to people familiar with the negotiations. The fields are currently operated by Alvorada Heavy Industries Ltda in the Boca, Guico and Guara blocks of Venezuela's Orinoco Belt.

The US officials are considering revoking contracts that allow Alvorada to operate these fields. This move is part of Washington's efforts to reshape Venezuela's oil industry and replace some Maduro-era operators with Trump-aligned investors.

Energy Secretary Chris Wright is set to visit Caracas this week and showcase up to 17 new oil and gas agreements, including changes to existing contracts.

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