Coinbase co-founder Fred Ehrsam is expanding into the energy sector through his startup Primavera, which plans to enter Venezuela's oil industry with a target of producing 100,000 barrels per day in the near term. Primavera has signed multiple contracts with state-owned Petróleos de Venezuela, S.A. and hired executives from Chevron and Occidental Petroleum to build infrastructure and boost conventional and heavy oil output. Primavera partner Manuel Iribarren stated the company intends to deploy significant capital and operational expertise to increase local oilfield production. Specific details regarding the oilfields being acquired and financing arrangements have not been disclosed. Ehrsam, who also co-founded Paradigm and holds an estimated net worth of $2.4 billion, is diversifying his investment portfolio beyond cryptocurrency into traditional energy.