Investment firm Primavera, founded by Fred Ehrsam, co-founder of Coinbase, is negotiating control of at least three Venezuelan oil fields located in the Boca, Guico and Guara blocks of the Orinoco Belt, operated by Alvorada Heavy Industries. These negotiations are part of a wider reallocation of Venezuelan energy assets under a US-backed restructuring, during which Venezuelan authorities granted Blue Energy Partners 100-year concessions covering 17 fields. Neither Coinbase nor Paradigm, another company linked to Ehrsam, have been identified as participants in these negotiations, making this operation distinct from his activities in the cryptocurrency sector. No agreement has been announced and the authority of Venezuelan authorities to grant 100-year oil rights is being contested, with the National Assembly not having approved the wider arrangement.
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