Coinbase co-founder Fred Ehrsam is pursuing control of at least three oil fields in Venezuela’s Orinoco Belt.
Ehrsam is executing the investment through Primavera, a firm established specifically for Venezuelan energy ventures.
The targeted assets are currently operated by Alvorada Heavy Industries.
This acquisition coincides with a U.S.-backed restructuring of Venezuela’s energy sector following political changes.
Ehrsam, an ally of the Trump administration, has visited Caracas to meet with U.S. and Venezuelan officials.
The investment is a personal venture and does not involve Coinbase or Ehrsam’s crypto firm, Paradigm.
Ehrsam remains a director on the Coinbase board while diversifying crypto-derived capital into traditional commodities.