Coinbase co-founder's Primavera pursues Venezuelan oil fields amid US realignment
In brief
- Primavera, linked to Coinbase co-founder Fred Ehrsam, pursues three Venezuelan Orinoco Belt oil fields.
- White House separately backed North American Blue Energy Partners' 100-year concessions for 17 fields.
- Primavera's pursuit is distinct from US-backed arrangement; Coinbase and Paradigm not identified as participants.
- Legal questions raised over acting President Rodríguez's authority to grant long-term rights without National Assembly approval.
The Primavera Pursuit
Primavera is reportedly pursuing three oil fields operated by Alvorada Heavy Industries in the Boca, Guico and Guara blocks of the Orinoco Belt. Bloomberg reported on September 1 that Ehrsam was seeking control of these assets. Reuters reported on September 2 that Primavera was among companies expected to sign Venezuelan energy agreements.
Ehrsam has not publicly disclosed his rationale for Primavera's Venezuelan focus. Coinbase's 2026 proxy filing lists him as a director, while Paradigm describes him as a co-founder and senior advisor. His engagement with Venezuelan authorities runs deeper than recent headlines suggest. Banco de Venezuela hosted Ehrsam at a digital-finance event in Caracas on May 13, where he discussed opportunities involving cryptocurrencies and the country's financial sector.
The Wider Framework
Primavera's pursuit is distinct from the North American Blue Energy Partners deal; neither Coinbase nor Paradigm has been identified as a participant in the White House-backed arrangement.
On August 31, a White House fact sheet said interim Venezuelan authorities had granted North American Blue Energy Partners 100-year concessions covering 17 fields. The arrangement includes a 35% US government equity stake, preferential purchase rights over production and veto power over board appointments.
The authority behind those long-term rights faces immediate scrutiny. According to the Associated Press, analysts have questioned whether acting President Delcy Rodríguez could grant 100-year oil-field rights without National Assembly approval. The legal standing of both the North American Blue Energy Partners concessions and Primavera's negotiations remains uncertain.
"Primavera's reported pursuit shows how capital built in crypto can move into politically allocated hard assets." — CryptoSlate
Until a signed agreement surfaces, Boca, Guico, and Guara remain reported targets under negotiation. The outcome will depend on whether Primavera can secure formal recognition from Venezuelan authorities and navigate the political and legal obstacles now shadowing all new energy deals in the country.
