BP Chief Executive Tony Hayward said he was doing 'everything in his power' to stem the Gulf oil leak after Barack Obama stepped up the pressure on the British oil giant.
Speaking at the White House yesterday, the US president said he shared the anger and frustration felt by many Americans over the catastrophic spill.
Mr Obama also condemned 'the ridiculous spectacle' of oil bosses 'falling over each other to point the finger of blame'.
Mr Hayward, who is personally overseeing the firm's containment efforts, said: 'We absolutely understand and share President Obama's sense of urgency over the length of time this complex task is taking.
'BP - working closely with scientists and engineers from across the whole oil industry, from government agencies and departments, and with local officials along the Gulf Coast - is focused on doing everything in our power to stop the flow of oil, remove it from the surface, and protect the shoreline.'
The oil firm has deployed under-sea robots in the Gulf to try to thread a small tube into the jagged pipe that is spewing oil into the water a mile below the surface.
Engineers are trying to move the 15-centimetre tube into the leaking 53-centimetre pipe, known as a riser. The smaller tube was to be surrounded by a stopper to keep oil from leaking into the sea.
BP said it hoped to know later if the tube succeeded in taking the oil to a tanker at the surface.
More than 15m litres of crude oil have gushed out since the BP-operated Deepwater Horizon rig exploded and sank on 20 April, killing 11 workers.
Mr Obama warned the accident could bring devastation to the region and pledged to end a 'cosy relationship' between the oil industry and federal regulators that he said had existed for years.
As well as attacking BP and other companies responsible for the spill, he said responsibility rests with the federal government too, saying oil drilling permits had been granted without appropriate environmental reviews.
'That cannot and will not happen any more,' the president said. 'It's pretty clear that the system failed and it failed badly.'
There's 'enough blame to go around and all parties should be willing to accept it', he added.
He said he would not be satisfied until the leak was stopped, the spill was cleaned up and all claims were paid.
Mr Hayward said the oil spill should not mean the end of deep-water exploration.
He told BBC Radio 4's Today programme: 'I don't believe it should (result in a ban), in the same way as Apollo 13 did not stop the space programme nor have serious airline accidents from time to time stopped people flying.'
But he said the leak would be a 'transforming event for exploration and production activities in the deep water of the world, in particular the deep water of the United States.
'You can't have an incident of this seriousness and not expect significant changes as a consequence.
'What we need to do is ensure that the changes we make address the risk that has occurred here.'
