Venezuela’s oil boom is fueling the interest of investors like Fred Ehrsam, co-founder of the cryptocurrency trading platform Coinbase.

The executive recently stated that this opening represents an “exceptional opportunity” and, according to Bloomberg, he seeks to become a major oil producer in Venezuela, “given that his energy company, Primavera, is preparing to begin operations in several Venezuelan oil fields.”

In recent weeks, Ehrsam’s company signed multiple contracts with the state-owned Petróleos de Venezuela S.A. (PDVSA). It also hired oil industry professionals who had worked at companies such as Chevron Corp. and Occidental Petroleum Corp. to help develop the necessary infrastructure for conventional and heavy oil production.

Every crisis opens doors to new opportunities that will improve people’s lives by boosting the economy. The goal is to produce 100,000 barrels of oil per day (bpd) in Venezuela, according to Ehrsam partner Manuel Iribarren.

The investment also includes the rehabilitation of several oil fields and the provision of operational excellence and technology.

M.Pino

With information from bancaynegocios and international media

(Reference image source: Gerhard Crous on Unsplash)

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