Coinbase Co‑Founder Fred Ehrsam Targets Venezuelan Oil Fields Amid U.S. Contract Review

Coinbase co‑founder Fred Ehrsam is reportedly seeking control of three oil fields in Venezuela’s Orinoco Belt. The interest comes as U.S. officials consider revising the country’s existing oil contracts.

Background on the Bid

Bloomberg cited sources close to private talks that Ehrsam, through his investment vehicle Primavera, is aiming to acquire the blocks. Primavera declined to comment, and Ehrsam has not made a public statement.

Ehrsam’s Connection to Venezuela

Since May, Ehrsam has made multiple trips to Caracas, meeting with officials on topics that include oil, gas, fintech and digital payments. He previously served as Coinbase president until 2017 and remains on its board, while also advising the White House on science and technology.

Venezuela’s Oil Landscape

Venezuela holds the world’s largest proven oil reserves—approximately 303 billion barrels according to OPEC—but production was only 783,000 barrels per day in 2023. Rystad Energy projects a 17 % increase in national output by late 2028, adding roughly 194,000 barrels per day.

U.S. Energy Policy Shift

U.S. Energy Secretary Chris Wright arrived in Caracas to present up to 17 oil and gas agreements. A White House fact sheet dated August 31 outlines 100‑year concessions for North American Blue Energy Partners on 17 fields containing about 65 billion barrels, with a 35 % equity stake retained by the United States.

Potential Impact

The outcome of the contract review will determine whether the current operator, Alvorada Heavy Industries, retains its blocks and whether Ehrsam’s bid can proceed. Brent crude prices rose toward $90 per barrel following the announcement.