Following the discovery and exploitation of massive reserves of oil & gas, Guyana’s economy has been on a tear, with GDP even growing over 60% in 2022, and predicted to grow in the double digits in 2025.

I had a chat with Cody and Austin of Adventure Capitalist who have been spending time on the ground in Guyana exploring various opportunities for investors and entrepreneurs. They even met with the president.

We had an interesting discussion on that particular stage of development that one sometimes comes across in frontier markets.

And in case you were wondering where Guyana is, it’s located between Venezuela, Brazil and Suriname.

It went from being your average low-growth, unreformed Latin American country to a small country with such large capital inflows that the government even struggles to figure out what to do with the money.

To a World of Opportunities,

The Wandering Investor.

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Transcript of “Investing in Guyana: how to capitalize on an oil and gas boom country”

LADISLAS MAURICE: Hello, everyone. Ladislas Maurice of The Wandering Investor. And today, we shall be discussing a very interesting topic, or rather a very little-known topic, which is Guyana. Guyana is a country in South America which has been booming for the past few years, following massive oil discoveries. I mean, their GDP growth was 62% in 2022, 33% in 2023, 46% [laughs] in 2024, and it’s expected to be between 10% and 15% in 2025, so true Boomtown. And Cody and Austin, that I’ve been following for a while, they run the Adventure Capitalist Podcast, they’ve been spending a lot of time on the ground, and we’ll be discussing some of the learnings that they’ve accumulated over the time they’ve spent there. Cody, Austin, how are you guys?

CODY: Good. Thanks for having us on.

AUSTIN: Great. Thanks for having us.

Why consider Guyana as an investment destination

LADISLAS MAURICE: Cool. Look, when did you start thinking about Guyana, why did you start thinking about Guyana, and what was your process to get there?

CODY: I first started writing about Guyana in 2019. And just like you, I’m always looking for opportunities in bizarre countries and weird situations and things that most people are not paying attention to. And I wrote about Guyana in 2019 because there was this large offshore oil discovery. And I basically said, “Hey, this country is going to boom.” And I was right. This is one of those things when you write about something, you want to brag about it, so I’m going to brag about it. In 2019, I said it was going to boom, and now here we are, and it’s booming, big time.

Obviously, COVID happened in-between, or just after 2019, so the logistics to get there were a little bit difficult. But I organized a trip down there last year, and Austin and I went with some other adventurous souls. And we organized a trip where we met with the US Embassy, we met with the Guyanese government, we met with Exxon Mobil, who’s the major oil player down there, and we just really shook some trees and wanted to see what would fall out. And we discovered a lot. I mean, we verified a lot of the things that were being said in the news. We also understood a lot of what was going on, on the ground, which is clearly not what’s talked about in the news. And then Austin and I explored even deeper into the country to find out more opportunities that no one’s even thinking about.

That’s kind of the basis of what interested me, was this initial oil boom, and now where it’s at now, and then Austin, our multiple trips down there to actually see what’s going on.

Investing beyond oil and gas in Guyana

AUSTIN: I’ll share just a little bit. One little extra thing is, I went down there to meet with Cody, and I kind of went down with this idea of exploring import, export, and oil and gas industry. But, very quickly, as we spent time on the ground, the realization was, well, the ship has kind of sailed a little bit on the oil and gas. And we got more excited about other opportunities in different areas that were kind of second-order consequences of the massive boom that has come to Guyana.

LADISLAS MAURICE: Yeah, because the GDP growth figures I shared are relative in the sense that they are from an extremely low base. I mean, Guyana was a poor country, and now it’s not poor anymore. But in terms of absolute value, we’re looking at the world’s 17th proven oil reserves and the third in Latin America. And I think the numbers are about 75% of the proven reserves of Brazil, which itself is a massive producer, but concentrated amongst only 800,000 people, so. [laughs]

CODY: Yeah, and we can go over statistics forever, but the easy way to think about it, for a listener who’s looking at interesting markets to go invest in, if, and this is a big if, no one knows if this is going to happen, but if they’re able to extract all the oil, and it’s supposed to be reinvested back in the country, and all this stuff goes correctly, Guyana, as a nation, will probably be twice as wealthy as the wealthiest nations in the Middle East right now, per capita.

Again, who knows what’s going to happen in long term. But the point is, the amount of money that’s going to flood into this country with 800,000 people is mind boggling, and how that’s actually going to materialize into their future success is up for debate. But I guess that’s what’s happening right now, and why people should get down there and check it out.

How to play the oil boom in Guyana

LADISLAS MAURICE: Yeah, because I’ve come across countries pre-boom, and then the boom happens, but it’s not necessarily easy to play. Predicting the boom is easy, but actually playing it is a lot harder. Sometimes, you have a local stock market with a few illiquid stocks that become slightly more liquid. Usually, the best way is to play real estate early on, but then, at some point, real estate just becomes very expensive. How do you play Guyana, or how should you have played Guyana had you arrived early on? What are the lessons from if we had been there in 2020 and we were investing, and what would be the play now, because they’re probably two different stories?

AUSTIN: Cody, why don’t you start and talk about kind of the early what you would have played, and then I can go in and talk about, maybe where we’re at now?

CODY: Yeah. I’ve done real estate all over the world, just like you, Ladislas, so that would be my go-to. If I had gone down in 2019 when I first started writing about it, I would have just, I call it buying real estate in the path of progress. It’s like the most caveman knuckle-dragging investment strategy ever, [laughs] which is just, hey, there’s some buildings over here. Let’s buy some land next to the buildings that are being built. And like, eventually, there’s going to be this sprawl of urban development, and you’ll just gain from that.

Clearly, that ship has sailed, especially in Georgetown, which is the capital of Guyana. I still think the opportunity exists in other smaller towns. But again, remember, the entire country is 800,000 people, and the vast majority of those people are in Georgetown. You could go buy real estate in a small town another part of the country, but talking, like, these are tiny, tiny towns.

LADISLAS MAURICE: Yeah. Good luck with property management. [laughs]

CODY: Yeah, totally. And this is, like, when we talk about wild, we’ll talk about in a little bit, but the wild factor here is off the charts. It’s some of the most unexplored jungle in the world. So, yeah, property management is [laughs] you’re more worried about jaguars than you are actual people.

Investing in Guyana tourism

CODY: But fast-forwarding to now, one sector that really interests Austin and I is the tourism sector. And I think that’s an obvious one in the sense that, oh, this is wild, it’s beautiful, there’s nature, there’s animals, all that stuff. And you would think that somebody’s already doing it. And there are a couple local operators down there, in fact, one operator we’ve become very close with, but relative to the boom that’s going on there and the natural beauty they have, it’s essentially completely undeveloped, which is this tourism sector.

And remember, Guyana is an English-speaking country, the only English-speaking country in South America. I think Belize is the other one in Latin America. It’s a direct flight from the US. There’s direct flights from Texas and from Florida, I think, JFK, and also Toronto, and it’s very accessible. When you think of wild nature, I typically think of Africa. I think of a safari and this 20-hour flight from the US to get there. This is a direct flight down with, like, truly, truly wild nature.

Cost of labor and services in Guyana

LADISLAS MAURICE: When countries go through booms like this, typically, one of the main issues is supply and supply of labor. We’re talking of a small country with literally billions just flowing in. There’s probably a lot of construction going on. Things have probably gotten pretty expensive. I haven’t been there, I don’t know, but just when I hear about the country, I assume things are outrageously expensive, because it’s just that part of the cycle. Does it make sense to go and try to cater to international tourism when just next door in Brazil, especially after a devaluation, it’s probably half the cost of building, if not even less for similar nature?

AUSTIN: Yeah, I think going into, like, the tourism side of things, and looking at what’s possible down there, you bring up an interesting point, which is, it is expensive down there, and that’s one of the limiting factors. When you think about how wild it is, we’re talking about jungle that still has undiscovered, uncontacted tribes. And it’s very, very close to within two hours. The only way to get into the jungle is through small planes. There’s not even roads built. That leads to the cost being very, very high. What’s interesting, though, is there’s a lot of expats that are down there currently that are making a lot of money, don’t have a lot to do. And the reality is, if you can create something for those people that are there, they can go in, explore the country. And I think there’s a market that’s tapped for the people that are already down there, which is one interesting side of it.

And the other part of it that I think is very interesting, and something we discovered, is that when you start talking to the people in the government, all the way up to the President, especially the President, actually, we spent multiple hours with the President talking about this, his vision is to make it as easy as possible for tourism to boom in the country. That means you talk about labor pools and some of the challenges. It’s a very small country, very few people there, a lot of unskilled workers. Their view as a government, they kind of take almost a policy of almost like, Don’t Ask, Don’t Tell. Like, you can bring in the people that you need to get stuff done in the country. If you need to bring in skilled workers, construction. There’s a lot of Chinese companies that are coming in and bringing all their workers to go work in building construction there.

They have this policy of allowing people to come in and bring in the people they need to get the job done. Back to your point about, does it make sense to focus on international tourism? I think what we’ve discovered there is it is very expensive. There’s a market, though, of people who are there already because they’re working in oil and gas. It’s easy to get to, that’s one huge factor. The fact that it’s English-speaking is also another huge bonus for the long-term success of international tourism. And, yeah, maybe the market initially is going to be expats, but it will grow from there.

CODY: And one quick statistic I’ll throw out there, the Guyanese government held a job fair in New York, because that’s the largest diaspora of Guyanese citizens have moved to the US. And the Guyanese government is trying to get 100,000 Guyanese to move back to Guyana because of this labor shortage that you’re alluding to, Ladislas. The situation of there being a lack of labor is real. It’s totally real. The flip side, though, as Austin alluded to, is that there’s these expats, there are a lot of oil workers, and they’re making a lot of money. These guys are making a ton of money. And there’s really only a couple restaurants in Georgetown that are catering to this clientele, and that’s where you’re going to find cocktails for $15, $20, or more.

And that exists, but I don’t want to say, like, the entire country is outrageously expensive, because if you went to a local bar or somewhere down the road, you’re going to find stuff that’s very cheap.

Investing in services for the expat community in Guyana

LADISLAS MAURICE: I saw this firsthand. I agree, the initial target market should absolutely be the local expats. And in Ghana, for example, during the oil boom, there were all these expats in western Ghana that had very little to do. And they were making a ton of money, hundreds of thousands of dollars a year. And apart from chasing girls, there really wasn’t much to do. And if they were with their families, there is even less to do. There were a few entrepreneurs that created some resorts, nice resorts along the water that were just Western standard. They didn’t need to be fantastic, they just needed to be Western, just like non-ghetto, essentially.

And they were charging ridiculous prices, and they were booked out every single weekend with expat families, and just expats bringing their latest girl with them, and [laughs] that was just a very healthy market.

CODY: Yeah, I mean, think about it, you’re an oil guy making couple hundred thousand dollars a year, and you’re living in Guyana. All your housing is taken care of, your food, your transportation. You’re getting paid this money that you can’t even spend. If you have your family down there, if you’re single, what are you going to do on the weekend? You’re not going to go back to the US for a day. You’re going to go, let’s go do something fun. Let’s go to a resort. Let’s book, charter an airplane to the middle of the country. And that’s opportunity that Austin and I see.

And one thing, just to jump right into it, that’s specifically amazing about the country is they have the largest single drop waterfall in the world. It’s called Kaieteur Falls. And Austin and I went there. And I’m not like a waterfall connoisseur or anything, [laughs] but when you get there, it’s one of those experiences where, like, holy shit, this is other worldly. I feel like I’m at Jurassic Park combined with Avatar. I was terrified to go up to the edge of the waterfall. I don’t know what the drop is. Austin, you can correct me. But I was terrified to get near that cliff. It’s so massive.

AUSTIN: It’s 700 feet or something. Around 700 feet.

CODY: Yeah, so it’s one of those nature experiences where it’s not just random jungle, it truly is incredible.

Ease of doing business in Guayana

LADISLAS MAURICE: Cool. Essentially, you’re looking at services, so tourism, restaurants. It’s really for people who want to move there and get their hands dirty and can deal with operations in emerging market with a tight labor market, and it’s probably just tough to manage people in an environment like this, where the labor market is super tight, the salaries are increasing, there are a lot of job offers, not many candidates, a history of people not having the same work ethic as in New York is probably a very tough environment from an operational point of view.

CODY: Yes and no. I would push back on the traditional Boomtown a little bit because I’ve been in other situations like this in other Latin American countries. First of all, the language barrier it’s really a gamechanger. I speak Spanish pretty well, but just having that English baseline, anybody listening to this obviously speaks English, so it makes it much easier. But the other thing that’s really different is there is so much money coming into the country, into the government they’re looking to write checks for, I mean, it’s one of those situations there’s so many opportunities you can get distracted by how many things there are.

And so, I would say other boomtowns, it’s more fractionalized, meaning the money’s funneling only into one area. Guyana, the government there has specifically prioritized a lot of infrastructure and social welfare type projects. Not welfare in the sense that they’re trying to make Welfare Society, but in the sense that they’re investing in hospitals, and education, and transportation, and all these things we take for granted in the West. And so, I think a lot of other boomtowns maybe skipped over that. I’m not saying Guyana is going to pull it off perfectly. I hope they do, but I think right now is the time to go down there, check it out, and see if there’s opportunity for you.

LADISLAS MAURICE: Are you in the States right now, or are you in the States and not in Guyana?

CODY: That’s a whole other story. Well, I’ll tell it real quick. I’ve been around the world, invested all over the place, and I know America is the best place. I’m more patriotic than the average person, especially knowing how the rest of the world works. That US is the healthiest horse in the glue factory, as I like to say.

LADISLAS MAURICE: [laughs]

Infrastructure in Guyana

AUSTIN: I’ll also touch on a couple other ideas that we kind of took away from that. I think you look at places like road building, bridge building, these are all big, big, big ideas. But when you fly over the country, we were in a small plane flying over the jungle for hours, and you look down and you realize you’re like you take for granted, in the US, how much the infrastructure allows you to connect into the beautiful natural parks in the US. All these incredible experiences you can go drive to. You can’t do any of that in Guyana, even though what they’ve got on the ground is spectacular. At the waterfall, it’s like you’re visiting Yosemite 180 years ago. That’s the type of feeling that you have.

And it’s very clear, as you fly over the country and you talk to the people and the government, like, they are going to be building the roads, they’re going to be doing these things, and someone’s got to be involved with it. These are big, big scale projects. We also talked with an aviation company down there that they’re like, the most obvious play is we’re going to be able to set up private air transit to all different parts of the country. And so, there’s lots of different ways to go about it. I think, to your point about why we’re not down there currently in this moment, is similar to other countries, that the challenge that you deal with down there is that things move slow. Things move slow, and there’s bottlenecks.

The bottlenecks and the slow-moving is also an opportunity. You have to be in with the right people to have things move correctly and move fast, moving at a rapid pace. But I have no doubt that it’s going to continue to grow and boom, and our journeys back and forth. I mean, we were down there three times in, like, three months. And, yeah, it’s very fascinating place. Fascinating place.

Moving to Guyana to do business

LADISLAS MAURICE: Yeah. I mean, look, markets like this trying to play it just financially hard, you just need to go there, get your hands dirty. And if you’re sitting somewhere in Europe, for example, and you see things are just decaying in Europe, or in Canada, and you want to leave, but you don’t have any online income, you’re not too sure how to go about it, but you have actual skills, like in, like, restaurant or whatever, this is probably a place where you could just go and start a good French restaurant, start a French bakery, start a German bakery.

And the price elasticity is pretty low when it comes to all these expats. You probably have, like, a few thousand expats or more, like you said, earning hundreds of thousands of dollars, they have too much money to deal with. And if you offer good services, they’ll go over. Maybe it’s just, literally, just going there and opening a paddle court, indoor soccer space, like, anything, like, a children’s playground with things. Literally, anything that you start now will probably work, because there is nothing in a market like this, and there are literally billions of dollars flowing in.

CODY: One very clear opportunity that we discovered from going down there multiple times, it’s almost all the flights leave late at night. When you’re leaving Guyana, they leave late at night. They also arrive, typically, at night. But you check out of the hotel early in the day. And they have been investing massively in these business conferences. Travelers are coming in from all over doing business, tens of thousands of people are visiting. I think maybe hundreds of thousands of people are visiting. They’ve really invested in their airlines, and they’re trying to host all these conferences. There’s nothing for people to do from the moment they check out the hotel until the time they leave. And that’s when we think about kind of these ideas of tourism or helping people with activities, one-day tours, I mean, like, massage type things. Those types of things that don’t have centers down there, spas, whatever, anything for people who check out the hotel and only have a certain period of time until they leave. There’s no activities for people to actually, there’s just nothing to do in Georgetown.

LADISLAS MAURICE: Yeah. It’s the ideas are easy, the implementation and the execution is hard.

CODY: For sure.

LADISLAS MAURICE: And that’s how you make your money in frontier markets. So many of these markets, there’s just a lot of money on the sidelines. People just want to spend it. They don’t know how to spend it. And you just need to execute and deal with all the nonsense that comes with [laughs] investing and dealing with operations in a country like this. But this is a great opportunity for people who want to start a new life, tough environment, boom happening, lots of opportunities. This is good.

Bidding on government and corporate contracts in Guyana

LADISLAS MAURICE: Anything else we should know about Guyana?

CODY: Yeah. One other thing to understand about what’s going on there with the oil boom is that the companies operating offshore, specifically, Exxon Mobil, part of their arrangement with the government is that they are supposed to reinvest a certain amount of their profits back into the country. And this is not a small number. This is hundreds of millions of dollars per year, based upon the percentage of oil that’s being pumped, etc., etc. Exxon Mobil and the Guyanese government actually have websites to show what they’re doing. You can go out and bid for a lot of these projects. I think there’s a spectrum of how you want to attack this.

You can go down there, open a cafe, sell $30-sandwiches and probably crush it, and be like a great entrepreneur individual, or you could attack this on the big side, go try and pull down these contracts. And they’re somewhat transparent, and they’re pretty obvious in the sense like build a road, or provide education, or whatever it is. If somebody has a business operating in the US or Europe that already is in a specific sector, it’s highly likely there’s probably some sort of contract out there that relates to a business you’re already in, and you could probably go bid for it.

Now, I have not been through that process specifically, but the point is, there’s hundreds of millions of dollars on the sidelines waiting to fund these projects, and the problem is there’s just not enough people to actually fulfill the execution of these projects. Of course, it’ll catch up in time. I don’t know what the city, Georgetown, will look like in 10 years from now, but now is that time, maybe it’s a second wave. The first wave was the land speculation. This next wave is whatever the business development and kind of infrastructure play, now is the time.

And another note I wanted to mention, because you asked, how do we get in front of the President? How do we meet with the US Embassy? How do we meet with the CFO of ExxonMobil? We basically worked our way to the top of the food chain in a matter of, like, two trips. There really is not many places in the city where the people doing things are hanging out. So just by brushing shoulders with those people that are doing things in this city, you’re going to get exposed to all these opportunities. And of course, there’s other opportunities we’re not even discussing here that we run into.

The mining sector is huge, by the way, and one thing we found out is getting diesel fuel to the middle of the country is a huge logistical nightmare, and they’ll pay like 20 bucks a gallon for diesel. But if somebody just goes down there, not even with a plan, they just go hang out with some of the cafes, the restaurants at night, you’re going to start to see what’s going on, you’re going to get connected very quickly, and you’re going to get more opportunities and rabbit holes to go down than you would even imagine. I would say this is a prime example, especially for someone who’s young and hungry entrepreneur, get on a plane, go down there, spend five days just bouncing around, have fun, but also keep your eyes open to what’s happening.

Economic opportunity in Suriname

LADISLAS MAURICE: Cool. Essentially now, so the speculation phase is gone, now it’s really about execution, implementation, starting businesses, bidding for contracts. When I hear this, and I look at the little neighbor next door, Suriname, which have a bunch of oil discoveries, gas discoveries that are taking place, but they haven’t really started extracting any of it, is this an opportunity? And Suriname, by the way, right next door, Dutch-speaking, about 600,000 people.

CODY: Absolutely. And we can get into the geopolitics here if we want. But Guyana, let’s just say what it is, it’s more or less an arm of the US government right now. Meaning the US government is completely backing Exxon Mobil as the largest oil company in the US, and Exxon Mobil will, within the next year or two, be pumping more oil out of Guyana than any other location in the world. This is an important market for Exxon Mobil, and for Guyana’s relations with the US.

Reading between the lines here, the US is going to back Guyana no matter what, especially with the recent Maduro threats that have been along the border in Guyana. Now Suriname, you would think, Oh, this is a very similar situation, but it’s different for a lot of ways. It’s different language, but it’s also different affiliation. As you just said, it’s got the Dutch connection. And so, there’s different companies playing ball there. It’s mostly Total is the oil giant there, but it’s still kind of being sussed out. In Guyana and Suriname, there’s more and more oil discoveries almost on a weekly basis. It’s one of those things where they discover another, the well, and started producing oil and gas.

I think Suriname will have a boom there, it’s just going to be a different variety, or a different flavor than what’s going on in Guyana. And the, I guess, path to get involved there is going to be a little bit more muddy because of the language differentiation. And Suriname has traditionally been a little bit more of a dictator-esque type country. And then you have French Guyana, which is the third country in a row there. And French Guyana is technically a territory of France itself, so that may be an interesting spot as well eventually. But all these places got a lot of opportunity.

Corruption in Suriname

LADISLAS MAURICE: Interesting. When you mentioned Suriname would have a different flavor. Why? I know from reading that the profiles, the discoveries is more skewed towards gas than oil, which is less profitable, but why would it be different?

CODY: I’ll just say it straight up. I mean, I’ve done business in most Latin American countries. And there’s a corruption degree, or whatever you want to call it, meter. And I’m not going to rate Suriname and Guyana specifically, because all Latin America has got a certain degree or depth of corruption. Suriname specifically has had a pretty rocky reputation with its political environment, specifically, with allowing certain people to run for office. There’s been assassinations, there’s been all kinds of really bad business there. And it’s not to give Guyana a complete pass. I would just say that for an individual entrepreneur or a small group going into Suriname expecting to get access to something in a free and fair market, it’s probably going to be more difficult than Guyana.

It’s not to say there’s not an opportunity there, it’s not to say that there aren’t one-off opportunities. I would just say that Guyana, with the US backing of wanting a free and fair market there is probably going to be much more of a level playing field, whereas Suriname is a little bit more wild west, and you really got to be connected to who’s who. One other thing about Guyana.

Guyana Stock Exchange

CODY: Guyana actually has a stock exchange. It’s called the GSE, the Guyana Stock Exchange. Very difficult to get information there. I had a friend invest, like, 2020 and then sold two years later for, like, a double. He put X amount of dollars on the top 10 companies, and just by the rising tide, the shares did really well. Whereas Suriname, you’re not going to have, like, a financial market like that, or just one level below of what’s going on in Guyana right now.

LADISLAS MAURICE: Yeah, there’s a stock market in Suriname. I looked into it, it just it would appear there’s essentially no liquidity. [laughs] I think you have to negotiate directly to buy blocks.

Vision for development of Georgetown, Guyana

AUSTIN: One interesting thing I’ll share from our experience down there. We had a lot of success working with the US Embassy and getting support on any projects. And they’re really, really good at helping Americans do business down there. They really want to support anybody, you can reach out to them, they’re a great resource. I think the other part that’s interesting when I look at Guyana, and after talking with some of the leadership and their vision of where they want to go, is they have a very clear picture of they’ve seen the challenges and the successes that happen in the Middle East with oil discovery and then extraction and corruption, and there’s some level of transparency around their vision to turn Georgetown into a modern city.

They want to invest in healthcare. And they want to make this the healthcare hub of Latin America, and that’s why they’re building hospitals, and investing in all these different things. I think that is the part that makes me excited about Guyana, it’s the money’s there, the money’s coming in, and they do have a vision of a future that is substantially more diverse than just oil profits. And we’ll see how that goes. But the vision is there, and they’re actively writing out the places they want to invest, and the opportunities, and those sorts of things. You can go look at Go Invest, which is one of their investing arms. That’s just our experience from being in Guyana.

How to follow Cody and Austin

LADISLAS MAURICE: Okay, fascinating. Cool. Yeah, there really is a world of opportunities out there. Gentlemen, how may one follow you?

CODY: I think the easiest is just to watch our podcast on YouTube, Spotify, iTunes, all that. It’s called The Adventure Capitalist. And you can go down and find out how to contact there, or go to adventurecapitalist.com, and that’s where all our stuff is.

LADISLAS MAURICE: All right, fantastic.

AUSTIN: Yeah. If you’re interested in Guyana, going down there, got questions, just shoot us an email through the website and we’d love to get in touch.

LADISLAS MAURICE: Fantastic. Links will be below. Gentlemen, thank you.

AUSTIN: Thank you.

CODY: Thanks.