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FollowingWhat areas are involved
It is reported that Fred Ehrsam's Primavera company is negotiating three oil blocks in the Orinoco heavy oil belt in Venezuela. These blocks are operated by Alvorada Heavy Industries and include the Boca, Guico and Guara blocks.
There has been no confirmation of the signing of any agreements or the completion of asset transfers. Neither Coinbase nor Paradigm were listed as bidders in the report.
The talks come as Venezuela redistributes energy assets under a framework backed by the United States.
Broader transformation in Venezuela's energy sector
Fred Ehrsam co-founded Coinbase and later helped create cryptocurrency investment company Paradigm. He also runs an independent company called Primavera, which is not connected to the two companies.
According to a Bloomberg report on September 1, people familiar with the matter revealed that Primavera is in talks to take over three oil fields in Venezuela. Reuters also reported on the matter on September 2, saying Primavera was one of the companies expected to sign the Venezuelan energy deal around that date, but did not mention the specific blocks involved.
As of the writing of this article, no agreements have been signed and no asset transfers have occurred. Coinbase was not listed as a transaction participant, and Paradigm did not appear as a bidder.
The oil transactions are known to involve no cryptocurrency or blockchain components. This appears to be a personal investment move by Ehrsam through Primavera, independent of its cryptocurrency business.
Primavera's negotiations are part of a broader transformation in Venezuela's energy industry. On August 31, the White House released a fact list describing a new oil deal. The agreement grants North American Blue Energy Partners a 100-year concession covering 17 blocks, in which the U.S. government holds a 35% stake.
The agreement also gives the U.S. government priority in purchasing oil production from these blocks and veto power over board members overseeing these blocks. The scale of the arrangement has raised questions from analysts. The Associated Press reported that some experts are not sure whether Venezuela's interim leadership has the authority to grant rights for up to 100 years.
Delcy Rodríguez currently serves as interim president of Venezuela. The Associated Press reported that the National Assembly has not yet approved broader arrangements covering these oil concessions.
Ehrsam's links with the country are not limited to this reported oil deal. Banco de Venezuela said Ehrsam attended a digital finance event in Caracas on May 13. According to the bank, Ehrsam discussed opportunities involving cryptocurrencies and Venezuela's financial industry at the meeting, demonstrating that his interest in Venezuela has a long-standing and is not limited to the current oil negotiations.
Coinbase's 2026 proxy statement still lists Ehrsam as a company director. Paradigm's website describes him as a co-founder and senior consultant. These roles mean that even though Primavera pursues assets in different areas, Ehrsam remains connected to the cryptocurrency industry. The oil transaction itself does not involve cryptocurrency transactions or blockchain technology.
Currently, the Boca, Guico and Guara blocks are still reported targets rather than confirmed assets. Whether Primavera can gain control will depend on whether an agreement is signed, which has not yet been made public.
