Tony Hayward this week made the boldest decision of his tenure so far as BP’s chief executive. His move to return to Iraq to rehabilitate the giant Rumaila oil field is at least as risky as his predecessor’s move into Russia through a joint venture with TNK. And the rewards – although not immediate and far from assured – are potentially as significant for the company.

Iraqi oil and gas auctions

See the available oil and gas fields on our interactive map to find out which companies are bidding

Rumaila, Iraq’s second-biggest oil field and one that BP discovered in 1953, was the first of the country’s eight fields to be auctioned on Tuesday. It was the first time that foreigners were offered access to Iraq’s oil since nationalisation more than 30 years ago.