Coinbase co‑founder’s firm eyes three Venezuelan oil fields under US‑backed framework

Fred Ehrsam, co‑founder of Coinbase, is pursuing oil assets in Venezuela through his investment vehicle, Primavera. The move comes as the Venezuelan government reallocates energy projects under a framework supported by the United States.

Targeted oil fields

According to Bloomberg, Primavera is seeking control of at least three fields operated by Alvorada Heavy Industries in the Orinoco Belt. The fields are identified as the Boca, Guico and Guara blocks.

Context of the US‑backed restructuring

In late August, a White House fact sheet announced that interim Venezuelan authorities had granted North American Blue Energy Partners 100‑year concessions covering 17 fields, with a 35% U.S. government equity stake and preferential purchase rights. The legality of such long‑term rights has been questioned by analysts.

Crypto connections

Ehrsam remains linked to the crypto sector: his 2026 Coinbase proxy filing lists him as a director, and Paradigm describes him as a co‑founder and senior advisor. However, neither Coinbase nor Paradigm has been identified as a bidder in the Venezuelan energy negotiations, and no blockchain or digital‑payment component has been disclosed for the prospective transaction.

Current status

Reuters reported that Primavera was among companies expected to sign Venezuelan energy agreements as early as September 2, but no signed agreement or transfer has been announced. The Boca, Guico and Guara fields remain reported targets under negotiation.