Fred Ehrsam, the billionaire co-founder of cryptocurrency exchange Coinbase, is seeking control of at least three Venezuelan oil fields, according to a report from Bloomberg. The move comes as Washington reshapes the country's oil industry, replacing some Maduro-era operators with Trump-aligned investors.
The fields—located in the Boca, Guico, and Guara blocks of Venezuela's Orinoco Belt—are currently operated by Alvorada Heavy Industries Ltda, under contracts that US officials are considering revoking.
The development follows the recent historic US-Venezuela oil deal. Energy Secretary Chris Wright is visiting Caracas this week to showcase as many as 17 new oil and gas agreements. The overhaul is part of President Trump's push to revive Venezuela's oil industry with foreign capital and replenish US strategic reserves depleted during the war with Iran.
Ehrsam has emerged as one of the best-connected newcomers pursuing opportunities in Venezuela. He has made repeated trips to Caracas, met senior US and Venezuelan officials, and co-founded Primavera, a firm dedicated to investing in the country.
Analysts note a fundamental shift: under Maduro, access depended on ties to government insiders and PDVSA officials; under Trump, connections in Washington increasingly determine who gets a seat at the table. Harvard's Steven Levitsky described the current US approach as "highly personalistic".
Ehrsam, Primavera, and Alvorada have all declined to comment on the matter.