Coinbase Co-Founder's Firm Primavera Pursues Venezuelan Oil Fields
by Maisie Morrison · BlockonomiTLDR
Table of Contents
- Fred Ehrsam’s firm Primavera is reportedly negotiating for three Venezuelan oil fields in the Orinoco Belt.
- The fields are operated by Alvorada Heavy Industries in the Boca, Guico and Guara blocks.
- Neither Coinbase nor Paradigm is listed as a bidder in the reported deal.
- No signed agreement or asset transfer has been confirmed yet.
- The talks come as Venezuela reallocates energy assets under a new US-backed framework.
Fred Ehrsam co-founded Coinbase and later helped start the crypto investment firm Paradigm. He also runs a separate firm called Primavera, which is not connected to either company.
Primavera is reportedly in talks to take control of three oil fields in Venezuela. The news was first reported by Bloomberg on Sept. 1, based on people familiar with the private discussions.
Which Fields Are Involved
Bloomberg reported that Ehrsam is seeking control of fields operated by Alvorada Heavy Industries. The three blocks are named Boca, Guico and Guara, all located in the Orinoco Belt.
Reuters also reported on the story on Sept. 2. That report said Primavera was among the companies expected to sign Venezuelan energy agreements around that date. Reuters did not name the specific fields involved.
No agreement has been signed as of this writing. No transfer of assets has taken place either.
Coinbase has not been named as a participant in the deal. Paradigm has also not been named as a bidder.
There is no cryptocurrency or blockchain component tied to the reported oil deal. This appears to be a personal investment move by Ehrsam through Primavera, separate from his crypto companies.
A Wider Shift in Venezuelan Energy
The Primavera talks are part of a larger change happening in Venezuela’s energy sector. On Aug. 31, the White House released a fact sheet describing a new oil agreement.
That agreement grants North American Blue Energy Partners 100-year concessions covering 17 fields. The deal includes a 35% equity stake for the US government.
It also gives the US government preferential rights to buy oil production from those fields. The agreement includes veto power over who sits on the board overseeing the fields.
The scale of this arrangement has raised questions among analysts. The Associated Press reported that some experts are unsure whether Venezuela’s acting leadership has the legal authority to grant 100-year rights.
Delcy Rodríguez is serving as Venezuela’s acting president. The AP reported that the National Assembly has not approved the broader arrangement covering these oil concessions.
Ehrsam has ties to Venezuela beyond this reported oil deal. Banco de Venezuela said he attended a digital finance event in Caracas on May 13.
At that event, Ehrsam discussed opportunities involving cryptocurrencies and Venezuela’s financial sector, according to the bank. That appearance shows a longer-standing interest in the country beyond the current oil talks.
Coinbase’s 2026 proxy filing still lists Ehrsam as a company director. Paradigm’s website describes him as a co-founder and senior advisor to that firm.
Those roles mean Ehrsam remains connected to the crypto industry even as Primavera pursues assets in a different sector. The oil deal itself does not involve crypto trading or blockchain technology.
For now, the Boca, Guico and Guara fields remain reported targets rather than confirmed assets. Whether Primavera gains control will depend on a signed agreement, which has not yet been made public.