Coinbase co-founder calls oil investment in Venezuela exceptional

Fred Ehrsam, co-founder of the cryptocurrency trading platform Coinbase, considers it an exceptional opportunity to invest his own money in Venezuela's oil sector, according to the outlet Banca y Negocios on Tuesday, October 14, 2026. Through his energy company Primavera, Ehrsam seeks to position himself as a major producer in the Caribbean nation through contracts signed with Petróleos de Venezuela S.A. (PDVSA).

To develop infrastructure for conventional and heavy crude production, the company hired professionals who had worked at corporations such as Chevron Corp. and Occidental Petroleum Corp. Manuel Iribarren, Ehrsam's partner in the initiative, said Primavera projects output of 100,000 barrels per day in the country and has committed a substantial volume of capital to recovering oilfields.

In parallel, the national energy sector is recording other corporate moves aimed at boosting crude extraction. According to the daily El Pitazo, which reported on October 13, 2026, North American Blue Energy Partners (Nabep), owned by businessman Alejandro Betancourt, received two drilling rigs to operate in fields awarded to it without a public tender process.

This flow of investment comes amid an economic context in which the International Monetary Fund (IMF) projects real gross domestic product (GDP) growth in Venezuela of 5% for 2026 and 7% for 2027, according to a report by the daily Efecto Cocuyo published on October 13, 2026. However, economist José Guerra warned in the same outlet that the most favorable scenarios are not guaranteed and depend strictly on meeting key targets in the oil industry.