> Coinbase Co-Founder Fred Ehrsam Is Seeking Control Of At Least Three Venezuelan Oil Fields - Bloomberg News

Coinbase co-founder Fred Ehrsam is seeking control of at least three Venezuelan oil fields, according to people familiar with the negotiations, as Washington reshapes the country’s oil industry and replaces some Maduro-era operators with Trump-aligned investors.

The fields are currently operated by Alvorada Heavy Industries Ltda in the Boca, Guico and Guara blocks of Venezuela’s Orinoco Belt, under contracts that US officials are considering revoking, said the people, who requested anonymity because the talks aren’t public. Other changes to existing oil contracts are expected this week, when Energy Secretary Chris Wright visits Caracas and is set to showcase as many as 17 oil and gas agreements.

One of the people said Alvorada is looking to engage with US officials in an attempt to maintain its investments. Alvorada declined to comment. Ehrsam didn’t reply to an email seeking comment. A spokesperson for a firm co-founded by Ehrsam to invest in Venezuela, known as Primavera, declined to comment.

Ehrsam has emerged as one of the best-connected newcomers pursuing opportunities there. The billionaire co-founder of cryptocurrency exchange Coinbase Global Inc. has made repeated trips to Caracas and met senior US and Venezuelan officials while exploring investments in oil and gas, fintech and digital payments, Bloomberg News reported in May.

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