Saturday, May 22, 2010

BP (NYSE:BP) CEO Frustrated Over Lack of Progress

BP (NYSE:BP) chief executive officer Tony Hayward said in an email to his people that he was frustrated over the lack of progress in plugging the oil leak in the Gulf of Mexico.

Probably in an attempt to manage expectations, Hayward added that the attempt to plug the well permanently next week isn't guaranteed either, somewhat reflecting the somber mood hanging over the ordeal as a whole.

An attempt to plug the oil well at that depth has never been attempted before, and since there is no road-map to follow, the variables that could rise from the attempt are simply not known.

He said in the email, it "would be another first for this technology at these water depths and so, we cannot take its success for granted."

In the email Hayword also pointed out that next week the Marine Board investigation will migrate toward interviewing "survivors from the rig" in hopes of getting a clear picture of what happened on the Deepwater Horizon.

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