According to CoinMeta, Coinbase, co-founded by Fred Ehrsam, and its startup company Primavera plan to enter the Venezuelan oil industry and operate local oil fields, with the goal of producing 100,000 barrels of crude oil per day. Primavera has signed contracts with Petr, leos, de, Venezuela, and S.A. They have also hired executives from Chevron and Occidental Petroleum to be responsible for infrastructure construction and capacity enhancement.