Venezuela Oil Shakeup: Coinbase Co-Founder Seeks Control of Key Fields
Coinbase co-founder Fred Ehrsam is seeking control of at least three Venezuelan oil fields, as Washington reshapes the country's oil industry. The fields are currently operated by Alvorada Heavy Industries Ltda in the Boca, Guico and Guara blocks of Venezuela's Orinoco Belt.
The contracts under which these fields are operated are being considered for revocation by US officials. Ehrsam has made repeated trips to Caracas and met senior US and Venezuelan officials while exploring investments in oil and gas, fintech and digital payments.
The overhaul of Venezuela's oil industry is part of President Donald Trump's push to revive the country's oil production with foreign capital and boost supplies as the US replenishes strategic reserves depleted during the war with Iran. The White House didn't reply to a request for comment.