O.T. Hebrew texts were on vellum, processed animal skins. This was the “parchment” (membranas) Paul wrote Timothy to bring with him: When you come, bring the cloak that I left with Carpus at Troas, also the books, and above all the parchments (2Tim. 4.13 ESV). These parchments undoubtedly had to contain O.T. bible texts because of the value of the material, the typical use in biblical texts, and because the content of Paul is unmistakably centered in previous scripture of the Torah.
Papyrus material was somewhat less durable than vellum but different factors caused both materials to deteriorate over time. In the desert of Egypt, researchers have found papyrus fragments nearly 2000 years old. Here is a technical post on paper (papyrus) production.
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