The deepwater field (defined as water depth 1,300 to 5,000 feet (400 to 1,520 m),[2]) was discovered in September 2009 and it is operated by BP.

[3] 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 Kaskida Oil Field,[10] BP's previous giant find (2006) 40 mi (64 km) away.

BP acquired the Outer Continental Shelf lease of Keathley Canyon block 102 reference G25782, NOAA station 42872,[1] on October 22, 2003, in Phase 2 of the Western Gulf of Mexico (WGOM/GOM) Sale 187.

[14] Much of the deeper gulf reserves are buried under salt accumulations thousands of feet thick, which present a problem for seismic exploration.

[5][16] With Tiber joining at least ten other successful Lower Tertiary explorations in the area,[15] analysts viewed the announcement as a sign for optimism,[15] and a harbinger of renewed interest in, and production from, the offshore Gulf of Mexico.