Fred Ehrsam’s Primavera Prepares to Assume Venezuelan Oil Operations

Fred Ehrsam’s startup Primavera is preparing to assume operations at multiple Venezuelan oil fields, extending the Coinbase co-founder’s personal investment strategy into a major energy and geopolitical market. Primavera has signed multiple contracts with Petróleos de Venezuela, the country’s state-owned oil company, and is preparing to operate fields producing conventional and heavy crude oil. The startup has also recruited experienced oil industry personnel from Chevron and Occidental Petroleum to help build the infrastructure needed for production.