We weren't fully ready for Gulf disaster: BP chief

LONDON: The chief executive of BP says the oil company wasn't fully prepared to deal with a disastrous oil leak in the Gulf of Mexico.

The Financial Times on Thursday quoted Tony Hayward as saying it was ``entirely fair'' to criticize the company's preparations.

The newspaper quotes Hayward as saying: ``What is undoubtedly true is that we did not have the tools you would want in your tool kit.''

Hayward says the explosion on an oil rig on April 20 that cause the leak was a ``one in a million chance.'' He adds that the risk needs to be cut to one in a billion or even one in a trillion.