Confirming the job losses, the FTSE 100 company said the reduction in its workforce was down to cost cutting measures.

BP is planning to cut more than 5% of its 90,000-strong workforce as part of a cost-cutting drive. The British oil giant told employees in a memo Thursday that it would slash around 4,700 jobs this year.

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U.K.-based oil company is cutting 4,700 jobs worldwide and a further 3,000 contractor roles as part of a cost-saving drive.

LONDON (Reuters) - BP announced on Thursday that it will cut around 4,700 staff, or over 5% of its total workforce, as part of CEO Murray Auchincloss' efforts to reduce costs.

BP Plc is cutting 4,700 positions internally and 3,000 contractor jobs, Chief Executive Officer Murray Auchincloss told staff on Thursday, as the London-based energy giant seeks to reduce costs.

London-based energy firm BP plan to cut its global workforce by just over five per cent, resulting in 4,700 job losses. The oil giant will also remove 3,000 contractor positions, reports Reuters, having seen an internal memo letting staff know of the upcoming changes.

BP has announced it is cutting 4,700 jobs from its global workforce. The energy giant also said it will cut 3,000 contractor roles as part of a cost-saving drive across the company.

After a difficult fourth quarter in which production and prices fell, oil major BP reportedly is cutting thousands of jobs.