{
  "id": 6757455,
  "title": "The Relentless Crypto Billionaire Who Moved to Venezuela in Pursuit of Oil",
  "url": "https://urgent.news/2026/09/11/the-relentless-crypto-billionaire-who-moved-to-venezuela-in-pursuit",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-11T11:17:28.000Z",
  "source": {
    "name": "Hindustan Times - World News",
    "slug": "hindustan-times-world-news",
    "url": "https://www.hindustantimes.com/world-news/the-relentless-crypto-billionaire-who-moved-to-venezuela-in-pursuit-of-oil-101789117993301.html"
  },
  "original_language": "en",
  "account": "Cryptocurrency mogul Fred Ehrsam has relocated to Venezuela in an attempt to establish himself as a major player in the country's beleaguered oil industry. As the co-founder of crypto exchange Coinbase, Ehrsam, at just 38 years old, has no prior experience in the energy sector. Nonetheless, his ambition and connections have led him to sign production-sharing contracts with state-owned oil company Petróleos de Venezuela.\n\nEhrsam's venture, Primavera, is a special-purpose entity set up to invest in Venezuela's oil and gas industry. Primavera has signed contracts for less sought-after but potentially lucrative fields in the Budare oil block, a region with lighter crude oil. Despite skepticism from some, Ehrsam's relentless pursuit has led to progress in Venezuela's oil patch.\n\nThe U.S. has been urging major oil companies to invest $100 billion in Venezuela's oil fields, but few have heeded the call. Chevron recently announced a $7 billion investment over five years, a move seen as a win for President Trump following months of negotiations. Primavera is working to bring clean, reliable and low-cost energy to Venezuela, aiming to utilize local industry and bring back Venezuelan workers who left during Hugo Chávez's rule.",
  "summary": "Fred Ehrsam, a Trump administration ally and co-founder of Coinbase, lived for months in a luxury Caracas hotel pursuing investments in Venezuela.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "WSJ Markets",
        "title": "The Relentless Crypto Billionaire Who Moved to Venezuela in Pursuit of Oil",
        "url": "https://urgent.news/2026/09/10/the-relentless-crypto-billionaire-who-moved-to-venezuela-in-pursuit",
        "published": "2026-09-10T22:00:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}