Summary
- Bloomberg reported that Coinbase co-founder Fred Ehrsam is seeking control of more than three Venezuelan oil fields.
- Ehrsam is negotiating to acquire oil fields operated by Alborada Heavy Industries through Primavera, a company he co-founded to invest in Venezuela.
- The U.S. government is reshaping Venezuela's oil industry, considering the cancellation of existing operating contracts and planning to announce as many as 17 oil and natural-gas agreements.
Forecast Trend Report by Period
Coinbase co-founder Fred Ehrsam is seeking control of at least three oil fields in Venezuela.
Bloomberg, citing people familiar with the matter, reported on Sept. 2 that Ehrsam is pursuing control of more than three Venezuelan oil fields operated by Alborada Heavy Industries. The talks are being conducted through Primavera, a company he co-founded to invest in Venezuela.
The move comes as the U.S. government seeks to reshape Venezuela's oil industry and replace some oil-field operators active since the Maduro era with investors closer to President Donald Trump's camp, Bloomberg reported.
Ehrsam has visited Caracas several times in connection with the proposed acquisition. Bloomberg reported in May that he met senior U.S. and Venezuelan officials to review potential investments in oil and natural gas, as well as fintech.
The U.S. is also considering canceling existing operating contracts for those oil fields. Energy Secretary Chris Wright is set to visit Caracas this week and announce as many as 17 oil and natural-gas agreements.
