Ehrsam's Primavera Eyes Venezuelan Oil Fields Amid Trump-Backed Investment Push

Coinbase co-founder Fred Ehrsam is pursuing three Venezuelan oil fields currently run by Alvorda Heavy Industries. These fields are among those the Trump administration is considering removing from operators installed under Nicolás Maduro, according to Bloomberg.

Ehrsam's vehicle for this investment is Primavera, a firm he co-founded specifically to invest in Venezuela. However, no agreement has been announced covering these three fields, and Ehrsam did not appear at the signing ceremony in Caracas on Wednesday.

Chevron and Eni signed agreements alongside GE Vernova, KEO Capital, and Primavera itself at an event overseen by Venezuela's acting president Delcy Rodríguez and United States Energy Secretary Chris Wright. Wright described the package as tens of billions of dollars in investment and a transformation for the country.

Chevron committed more than $7 billion to develop two additional fields in the Orinoco Belt through its Petroindependencia joint venture with PDVSA, expecting to more than double output to roughly 600,000 barrels a day within five years. Production costs should stay below $20 a barrel because the infrastructure already exists.