oil field offshore oil field located block united_states sector gulf_of_mexico field defined water depth feet discovered september operated described giant find estimated contain billion barrels oil place states early sure size huge field usually considered contain million barrels required drilling deep water making deepest wells time discovery description comprises multiple lower petroleum located block southeast houston south west new_orleans 18th lower date drilling formations infancy oil light crude early estimates reserves recovery suggesting figures million barrels reserves sources suggest caution warning find technically complex potentially years produce oil lower yield based rates talked nearby oil field previous giant find away commercial prospects field evaluated discovery acquired outer continental shelf lease block reference station october phase sale lower rock formations oldest technically challenging offshore rock formations currently oil dating million years ago plan exploration filed june initially fifth generation dynamic positioned semi oil rig drilling commencing march slightly delayed planned date september deeper gulf reserves buried salt thousands feet thick present problem seismic exploration previously developed exploration techniques bypass difficulty oil located multiple levels field announced september shares rose percent news joining successful lower area analysts viewed announcement sign optimism renewed interest production offshore gulf_of_mexico exploration hold following april destruction horizon drilling resulting oil spill activities wells exploration gulf_of_mexico including placed hold developing use relief wells
Tiber Oil Field