Fred Ehrsam, the billionaire cofounder of Coinbase, is seeking control of three oil fields in Venezuela’s Orinoco Belt, known as the Boca, Guico, and Guara blocks. These assets are currently overseen by Alvorada Heavy Industries Ltda, whose contracts US officials are reportedly reviewing for potential revocation. Ehrsam has visited Caracas multiple times since at least May 2026 to explore these energy investment opportunities. Venezuela’s oil production, which once reached approximately 3.5 million barrels per day, has collapsed to less than 1 million barrels per day due to international sanctions, chronic underinvestment, and poor governance. Energy Secretary Chris Wright is scheduled to visit Caracas in September 2026 to announce up to 17 new oil and gas agreements, as part of a broader strategy to weaken Nicolás Maduro’s regime while expanding US energy influence in Latin America.
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