A new memorandum of understanding signals a new phase in BP's decade-long pursuit of a deal to rehabilitate major oil fields in Kirkuk.

Iraq has signed a memorandum of understanding with BP that could lead to the rehabilitation and development of four fields in Kirkuk.

BP CEO Murray Auchincloss traveled to Baghdad for a signing ceremomy Thursday with Oil Minister Hayyan Abdulghani, which was attended by Prime Minister Mohammed Shia al-Sudani, according to a statement from the prime minister's office.