Fred Ehrsam made his name in crypto. Now he is putting the proceeds into oil fields.
Ehrsam, co-founder of Coinbase and crypto venture firm Paradigm, has launched a new company called Primavera to pursue oil production in Venezuela. The venture is funded by his personal capital, and as of October 13, 2026, Primavera had signed production-sharing contracts with Petróleos de Venezuela, the state-owned oil company known as PDVSA.
Ehrsam, whose net worth is estimated at $2.4 billion, has described the opportunity in the kind of terms usually reserved for once-in-a-generation trades. The investment is being made entirely in his own name, with no formal connection to Coinbase or Paradigm.
What Primavera is building
The company’s initial contracts cover the Budare block, where production targets lighter crude. Primavera is also eyeing heavier oil reserves in the Orinoco Belt, one of the largest hydrocarbon deposits on the planet.
Venezuela holds approximately 303 billion barrels of proven oil reserves, more than any other country.
Primavera is targeting production of 100,000 barrels per day, combining conventional and heavy crude.
The team Ehrsam has assembled lends the project some credibility. Manuel Iribarren and Dheeraj Verma, both former executives at major oil firms including Chevron and Occidental Petroleum, are among the personnel involved.
The political window making this possible
The Trump administration has signaled interest in reshaping Venezuela’s oil sector, with a stated goal of phasing out operators seen as aligned with President Nicolas Maduro while encouraging US-connected investment into the country’s energy infrastructure.
That creates a narrow and uncertain policy window. Primavera appears to be moving quickly to position itself within it, securing contracts and establishing local relationships before the window potentially closes or changes shape.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.