Coinbase Co-Founder Seeks Control of At Least Three Venezuelan Oil Fields

BlockBeats News, September 2nd, according to Bloomberg, citing sources familiar with the matter, Coinbase co-founder Fred Ehrsam is seeking to gain control of at least three oil fields in Venezuela. Currently, the U.S. government is reshaping the Venezuelan oil industry and plans to replace some operators from the Maduro era with investors closely aligned with the Trump camp.

Sources said these oil fields are currently operated by Alvorada Heavy Industries Ltda and are located in the Boca, Guico, and Guara blocks of the Orinoco Belt in Venezuela. U.S. officials are considering revoking the existing operating contracts for these oil fields. As the relevant negotiations have not been made public, the sources requested anonymity.

Further adjustments to existing oil contracts are expected later this week. U.S. Energy Secretary Chris Wright will visit Caracas and is planning to showcase as many as 17 oil and gas agreements.