PANews October 13 news, according to Bloomberg, Coinbase co-founder Fred Ehrsam is moving from crypto investment into the energy industry. His startup Primavera is planning to enter Venezuela's oil sector and take over operations at multiple local oilfields, with the goal of achieving crude oil production of 100,000 barrels per day in the short term. Primavera has recently signed multiple contracts with Venezuela's state-owned oil company Petróleos de Venezuela, S.A. and has hired oil industry executives from Chevron and Occidental Petroleum to oversee infrastructure construction and increase conventional and heavy oil production capacity.
Primavera partner Manuel Iribarren said the company plans to invest substantial capital and bring in technology and operational experience to increase local oilfield production. The company has not yet disclosed the specific oilfields it will take over or its financing arrangements.
It is reported that Fred Ehrsam is also one of the co-founders of crypto investment firm Paradigm, and his current personal net worth is approximately $2.4 billion. This move marks a further expansion of his investment portfolio from the crypto sector into the traditional energy industry.