Coinbase co-founder Fred Ehrsam wants to operate at least three oil fields in the Orinoco Belt in Venezuela through Primavera, a company he co-founded to invest in the country. Venezuela holds the world’s largest proven reserves at 303 billion barrels but only pumped 783,000 barrels per day in 2023, with Rystad Energy forecasting just 17% growth by late 2028. US Energy Secretary Chris Wright traveled to Caracas to present up to 17 oil and gas agreements, while Washington granted Blue Energy Partners 100-year concessions on 17 fields holding roughly 65 billion barrels, taking a 35% equity stake in the venture’s parent. Ehrsam’s chances depend on the outcome of negotiations with Alvorada Heavy Industries, the current operator whose contracts may be stripped.
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