Fred Ehrsam, co-founder of Coinbase and crypto venture firm Paradigm, has launched a company called Primavera to pursue oil production in Venezuela. As of October 13, 2026, Primavera had signed production-sharing contracts with PDVSA, Venezuela’s state-owned oil company, covering the Budare block. Ehrsam, whose net worth is estimated at $2.4 billion, is funding the venture entirely with personal capital and has no formal connection to Coinbase or Paradigm. The company is targeting production of 100,000 barrels per day and eyeing heavier reserves in the Orinoco Belt, where Venezuela holds approximately 303 billion barrels of proven oil reserves, the largest in the world. The move comes as the Trump administration has signaled interest in reshaping Venezuela’s oil sector to encourage US-connected investment.
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