Coinbase co-founder bets on Venezuelan oil, founds Primavera to take over multiple oil fields

On October 13, Bloomberg reported that Coinbase co-founder Fred Ehrsam is investing personal capital into Venezuela's oil sector. His startup Primavera has signed multiple contracts with Petroleos de Venezuela SA (PDVSA), the state-owned petroleum company, to prepare for taking over operations at several local oil fields. Ehrsam compared the investment to the once-in-a-lifetime opportunity he had when betting on cryptocurrency, calling it an "excellent" start. Primavera has recruited seasoned industry veterans from Chevron and Occidental Petroleum to develop infrastructure for conventional oil and gas and heavy oil production.