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Coinbase co-founder Fred Ehrsam is seeking to secure operating rights at more than three oil fields in Venezuela, Bloomberg reported, citing people familiar with the matter. The fields are currently operated by Alborada Heavy Industries, while U.S. authorities are reviewing whether to cancel the existing contract.
Ehrsam has visited Venezuela several times recently and met with senior U.S. and Venezuelan officials as he explored investment opportunities in oil and gas as well as fintech and digital payments, according to Bloomberg. He has also co-founded an investment firm called Primavera for investments in Venezuela.