 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 . 
