Key Takeaways
- Fred Ehrsam's company, Primavera, signed an oilfield development agreement in Venezuela amid U.S. investment encouragement.
- Ehrsam aims to control three additional oil fields currently operated by Alvorada Heavy Industries.
- The Trump administration's strategy seeks to attract private capital to revitalize Venezuela's oil industry.
Crypto billionaire and Coinbase co-founder Fred Ehrsam is building a new oil business in Venezuela as the Trump administration reshapes the country’s energy industry and encourages American investors to enter a sector long dominated by state control.
Ehrsam’s energy company, Primavera, signed an oilfield development agreement with Venezuela this week and is seeking control of at least three additional fields in the Orinoco Belt, according to people familiar with private negotiations cited by Bloomberg.
The fields, Boca, Guico and Guara, are currently operated by Alvorada Heavy Industries, whose contracts U.S. authorities are considering revoking.
Ehrsam’s move is notable because his fortune comes from cryptocurrency rather than traditional energy. He co-founded Coinbase and later co-founded crypto investment firm Paradigm..........................
Crypto Billionaire Fred Ehrsam Builds Oil Business in Venezuela After Joining Trump’s Investment Push
Crypto billionaire and Coinbase co-founder Fred Ehrsam is building a new oil business in Venezuela as the Trump administration reshapes the country’s energy industry and encourages American investors to enter a sector long dominated by state control. Ehrsam’s energy company, Primavera, signed an...
