6.250
%
Neutral
122
mm boe
0
%
Puerto Rico is a US territory where federal law applies; the unresolved PREPA bankruptcy and grid reliability are key concerns. There is no hydrocarbon sector. Outlook maintained because there is no hydrocarbon exposure. Outlook: Neutral. Risk premia unchanged at 6.25%.
October 11, 2026
Caribbean
mm bbl
bcf
Caribbean, an island between the Caribbean Sea and the North Atlantic Ocean, east of the Dominican Republic.
-
No upstream regime. As a US territory, Puerto Rico has no petroleum licensing framework of its own, its offshore waters are not included in the federal offshore leasing programme, and there has been no exploration. Federal and Commonwealth tax rules would apply to any activity.
Puerto Rico is a US territory under Governor Jenniffer González-Colón, with US federal law and courts applying. The bankruptcy of the power utility, PREPA, remains unresolved, and the private grid operators face criticism over frequent blackouts. There are no hydrocarbon resources; power relies on imported LNG (via New Fortress Energy), oil and coal, with solar expanding.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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