Fred Ehrsam seeks control of Venezuelan oil fields amid US policy shifts

Fred Ehrsam, the billionaire co-founder of Coinbase, is pursuing control of three Venezuelan oil fields in the Orinoco Belt as the Trump administration moves to replace operators linked to Nicolás Maduro’s regime with US-aligned investors.

The blocks in question, known as Boca, Guico, and Guara, are currently overseen by Alvorada Heavy Industries Ltda. US officials are reportedly reviewing whether to revoke Alvorada’s existing contracts, which would open the door for Ehrsam and potentially other American investors to step in.

From crypto exchanges to crude oil

Ehrsam has visited Caracas multiple times since at least May 2026 to explore energy investment opportunities.

The timing is also conspicuous. Energy Secretary Chris Wright is scheduled to visit Caracas in early September 2026, where he is expected to announce as many as 17 new oil and gas agreements. Ehrsam’s pursuit of the Orinoco Belt blocks appears to be part of this broader diplomatic and commercial push.

Venezuela’s oil collapse, in context

Venezuela’s oil production tells one of the more dramatic decline stories in modern energy markets. The country once pumped roughly 3.5 million barrels per day, making it one of the top producers in the Western Hemisphere. That figure has cratered to less than 1 million barrels per day.