Ehrsam's Primavera Targets Venezuela Oil Assets Under US-Backed Framework

Coinbase co-founder Fred Ehrsam's investment firm Primavera is pursuing three oil assets in Venezuela under a US-backed framework. The move comes as the country reallocates energy projects, with Reuters reporting that companies were expected to sign agreements by September 2.

Bloomberg reported on September 1 that Ehrsam was seeking control of at least three fields operated by Alvorada Heavy Industries in the Boca, Guico, and Guara blocks of the Orinoco Belt. However, neither Coinbase nor Paradigm has been identified as a bidder or participant in the deal.

Ehrsam's involvement in the Venezuela oil market is seen as significant, given his ties to the crypto industry. He retains close connections to Coinbase, where he serves as a director, and Paradigm, which describes him as a co-founder and senior advisor.