Employees at the oil-and-gas giant were told of the job cuts Thursday via an email from Chief Executive Murray Auchincloss.

BP CEO Auchincloss last year vowed to reduce the British company's costs by at least $2 billion by the end of 2026 as part of his drive to boost returns amid investor concerns

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.

British energy giant BP on Thursday said it would axe 4,700 staff jobs, or about five percent of its workforce, and is cutting thousands of contractor roles to reduce costs.

UK supermajor said it told staff on Thursday that it plans to make the cuts this year, and will also remove 3000 contractor roles.

BP is set to reduce over 5% of its global workforce, impacting 4,700 employees and 3,000 contractor roles. The cost-cutting initiative aims to save at least $2 billion by 2026 and restore investor confidence following the abrupt resignation of former CEO Bernard Looney.

Oil giant BP is to cut about 4,700 staff, more than 5% of its total workforce, as part of its plans to cut costs. The British firm, which has a global workforce of about 90,000 people, confirmed the job losses on Thursday,