Fred Ehrsam, co-founder of Coinbase and a prominent ally of President Donald Trump, is reportedly seeking to acquire control of three oil fields in Venezuela. These fields are currently operated by Venezuelan Alvorda Heavy Industries Ltda. This move is part of a broader effort by the Trump administration to restructure Venezuela's oil industry, which includes pushing out operators installed under former President Nicolas Maduro.
Ehrsam's firm, Primavera, is anticipated to sign energy agreements in Venezuela, coinciding with Energy Secretary Chris Wright's visit to Caracas. Other companies expected to sign similar agreements include Chevron, ENI, and KEO Capital. These deals primarily focus on project expansions, facilitated by new oil reforms passed by Venezuelan lawmakers in January. These reforms aim to increase foreign investment and grant more autonomy to oil producers.
Ehrsam's connection to the Trump administration is significant; he personally donated $1 million to Trump's 2025 inaugural fund, and Coinbase contributed another $1 million. Ehrsam also serves as an advisor on Trump's science and technology council. Separately, the Trump administration recently announced a major oil deal involving a 35% ownership stake in North American Blue Energy Partners (NABEP), which was granted 100-year rights over 17 oil fields with reserves of 65 billion barrels.
