Trump Ally Fred Ehrsam Reportedly Seeks Venezuelan Oil Fields as US Reshapes Industry

As President Donald Trump seeks to restructure Venezuela's oil industry, billionaire Coinbase co-founder and Trump ally Fred Ehrsam is reportedly seeking to take over three oil fields in the country, according to Forbes.

Billionaire Coinbase co-founder Fred Ehrsam is reportedly seeking Venezuelan oil assets as the Trump administration works to reshape the country's energy sector. [Photo: Robyn Selman, Wikimedia COmmons]

Ehrsam is among several companies and investors pursuing energy opportunities as the Trump administration moves to reshape Venezuela's oil sector and potentially replace operators installed under former President Nicolás Maduro.

Chevron and other companies are also involved in negotiations over new energy agreements.

The potential deals come as the United States seeks greater control and investment in Venezuela's vast oil resources.

The country's oil industry requires significant capital investment to increase production and improve infrastructure.

Ehrsam's reported interest has drawn attention because of his close ties to Trump and his status as a billionaire technology investor. However, a potential oil agreement does not by itself establish that Ehrsam or another investor will ultimately profit from the restructuring.

Separately, Google is preparing to source electricity for its data centers from a new clean-energy project in West Virginia.

MN8 Energy is developing a $350 million solar-and-storage project on a reclaimed former coal mine in Kanawha County. The project will combine 86 megawatts of solar generation, 70 MW/280 MWh of lithium-ion storage and 10 MW/100 MWh of zinc-based long-duration storage.

Google will be the main buyer of the electricity, which will be delivered through the PJM grid to support its data-center operations in the region.

The solar portion is expected to begin commercial operation in 2028, followed by the lithium-ion storage in 2029 and the zinc-based system in 2030. The project is expected to create about 200 construction jobs and represents up to $350 million in capital investment, according to MN8.