Co1nbas3 co-founder sees an “exceptional” opportunity to invest in Venezuela’s oil sector
Fred Ehrsam, co-founder of the cryptocurrency trading platform Co1nbas3, pointed out that whenever a country experiences some kind of economic disaster, “I think there are so many opportunities right at hand to improve people’s lives by boosting the economy”
Fred Ehrsam, co-founder of the cryptocurrency trading platform Co1nbas3, is investing his own money in Venezuela’s oil sector, considering it an “exceptional opportunity.”
According to Bloomberg, Ehrsam is seeking to become a major oil producer in the Caribbean nation, as his energy company Primavera prepares to begin operations at several Venezuelan oil fields.
It is important to note that in recent weeks, Fred Ehrsam’s energy company signed multiple contracts with state-owned Petróleos de Venezuela S.A. (PDVSA).
Primavera hired oil industry professionals who had worked at companies such as Chevron Corp. and Occidental Petroleum Corp. to help develop the infrastructure needed to produce conventional and heavy oil.
In that regard, Ehrsam noted that “whenever a country goes through that kind of economic disaster, I think there are tremendous opportunities within reach to improve people’s lives by boosting the economy.”
He also pointed out that “these opportunities, their exceptional nature, are something you may only see a couple of times in your life.”
Fred Ehrsam is seeking to become a major oil producer in Venezuela.
Produce 100,000 bpd in Venezuela
Energy company Primavera plans to produce 100,000 barrels of oil per day (bpd) in Venezuela, according to Manuel Iribarren, Fred Ehrsam’s partner in the company.
He specified that they have “a commitment to invest a substantial amount of capital to restore several fields in the country and bring operational excellence and technology to maximize their production.”
He also emphasized that at this stage, “we don’t want to go into details,” and said they have “a lot of experience building generational companies that define new missions which seem risky or cutting-edge to others and, over time, become the consensus. So we decided this was the new mission.”
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