# Fred Ehrsam’s Primavera Prepares to Assume Venezuelan Oil Operations

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/31190
Published: 2026-10-13T13:48:58.000Z
Updated: 2026-10-13T13:48:58.000Z
Section: Business

> The Coinbase co-founder has signed contracts with Venezuela’s state oil company and recruited industry veterans to support production infrastructure.

Fred Ehrsam’s startup Primavera is preparing to assume operations at multiple Venezuelan oil fields, extending the Coinbase co-founder’s personal investment strategy into a major energy and geopolitical market.

Primavera has signed multiple contracts with Petróleos de Venezuela, the country’s state-owned oil company, and is preparing to operate fields producing conventional and heavy crude oil.

The startup has also recruited experienced oil industry personnel from Chevron and Occidental Petroleum to help build the infrastructure needed for production.

Ehrsam is funding the venture with his own money and has described the opportunity to become a significant oil producer as an exceptional investment opportunity. The planned expansion links crypto-sector capital with Venezuela’s oil industry as Primavera moves toward taking operational control of the fields.