Do it by the book

12 July 2010 By Hugo Dixon Follow @hugodixon

The oil major needs change at the top to restore confidence. But does that mean firing CEO Tony Hayward, chairman CarlHenric Svanberg or both? While the answer is uncertain, each man has an interest in saving his own skin. The board must prevent the situation getting ugly.

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Shares in BP rose 5 percent in early trading on July 12 after the UK oil major said it was making progress as planned in upgrading an oilcontainment cap on its leaking well in the Gulf of Mexico.

The likely completion date for the first of two relief wells being drilled to kill the well decisively was the first half of August, BP added. The total cost of all operations related to the disaster so far was approximately $3.5 billion.

ExxonMobil has sought clearance from the U.S. government to examine a bid for BP, the Sunday Times reported citing industry sources. The paper said the Obama administration had told ExxonMobil it would not stand in its way.

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