 = Tiber Oil Field = 
 
 The Tiber Oil Field is a deepwater offshore oil field located in the Keathley Canyon block 102 of the United States sector of the Gulf of Mexico . The deepwater field ( defined as water depth 1 @,@ 300 to 5 @,@ 000 feet ( 400 to 1 @,@ 520 m ) , ) was discovered in September 2009 and it is operated by BP . Described as a " giant " find , it is estimated to contain 4 to 6 billion barrels ( 640 × 10 ^ 6 to 950 × 10 ^ 6 m3 ) of oil in place . Although BP states it is too early to be sure of the size – a " huge " field is usually considered to contain 250 million barrels ( 40 × 10 ^ 6 m3 ) . It required the drilling of a 10 @,@ <unk> m ( 35 @,@ 056 ft ) deep well under 1 @,@ 260 m ( 4 @,@ 130 ft ) of water , making it one of the deepest wells ever drilled at the time of discovery . 
 
 = = Description = = 
 
 Tiber comprises multiple Lower Tertiary petroleum reservoirs located in Keathley Canyon block 102 about 250 mi ( 400 km ) southeast of Houston and 300 mi ( 480 km ) south west of New Orleans . Tiber is only the 18th Lower Tertiary well to date , and drilling in these formations is in its infancy . The oil from Tiber is light crude , and early estimates of <unk> reserves are around 20 – 30 % recovery , suggesting figures of around 600 to 900 million barrels ( 95 × 10 ^ 6 to 143 × 10 ^ 6 m3 ) of reserves . Sources such as Bloomberg suggest caution , warning that the find is technically complex and potentially could take 5 – 6 years to produce oil or be lower yield ( 5 – 15 % ) based on " rates talked about " at nearby <unk> Oil Field , BP 's previous giant find ( 2006 ) 40 mi ( 64 km ) away . The commercial prospects of the field have not yet been evaluated . 
 
 = = Discovery = = 
 
 BP acquired the Outer Continental <unk> lease of Keathley Canyon block 102 reference <unk> , <unk> station <unk> , on October 22 , 2003 , in Phase 2 of the Western Gulf of Mexico ( <unk> / <unk> ) Sale 187 . Lower Tertiary rock formations are some of the oldest and most technically challenging offshore rock formations currently drilled for oil , dating to between 23 and 66 million years ago . The plan of exploration was filed in June 2008 . 
 Tiber was initially drilled by <unk> 's fifth @-@ generation dynamic positioned semi @-@ <unk> oil rig , Deepwater Horizon , with <unk> drilling commencing around March 2009 , slightly delayed from the planned date of September 2008 . Much of the deeper gulf reserves are buried under salt <unk> thousands of feet thick , which present a problem for seismic exploration . BP had previously developed exploration techniques to bypass this difficulty . Oil was located at " multiple levels " . The field was announced on September 2 , 2009 , and BP shares rose 3 @.@ 7 percent on the news . With Tiber joining at least ten other successful Lower Tertiary <unk> in the area , analysts viewed the announcement as a sign for optimism , and a <unk> of renewed interest in , and production from , the offshore Gulf of Mexico . 
 
 = = Exploration on hold = = 
 
 Following the April 2010 destruction of the Deepwater Horizon while drilling the <unk> well , and the resulting oil spill , all appraisal activities at 33 wells under exploration in the Gulf of Mexico , including Tiber , were placed on hold . At least two rigs that might otherwise have been used for developing Tiber are also in use on the relief wells for the <unk> well . 
 
 