PiCK
Coinbase Co-Founder Fred Ehrsam Seeks Control of at Least Three Venezuelan Oil Fields
Summary
- Fred Ehrsam, co-founder of Coinbase, is seeking control of at least three Venezuelan oil fields, Bloomberg reported.
- Ehrsam is negotiating through Primavera, a company created for investment in Venezuela, to acquire oil fields operated by Alborada Heavy Industries.
- The U.S. government is restructuring Venezuela's oil industry and considering canceling existing operating contracts while preparing to unveil 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 reported on Sept. 2, citing people familiar with the matter, 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 reshapes Venezuela's oil industry and seeks to replace some operators that have been active since the Maduro era with investors close to President Donald Trump's camp, Bloomberg said.
Ehrsam has already made several trips to Caracas to push the acquisition. Bloomberg reported in May that he met with senior U.S. and Venezuelan officials to review investments in oil and natural gas, as well as fintech.
The U.S. is also considering canceling existing operating contracts for those oil fields, the report said. Energy Secretary Chris Wright is scheduled to visit Caracas this week and unveil as many as 17 oil and natural gas agreements.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul