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

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Petroleum giant British Petroleum will cut 4,700 jobs this year in a cost cutting measure, the company announced Thursday. That amounts to about 5% of its total workforce.

The British oil giant told employees in a memo Thursday that it would slash around 4,700 jobs this year. The company also said it was cutting 3,000 contractor roles and that 2,600 of those contractors had already departed.

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.

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

The company employs 90,000 people worldwide and the internal job cuts represent around 5% of its workforce.

BP ( BP) will eliminate 4,700 positions internally, ~5% of its workforce, and more than 3,000 contractor jobs, with more cost-cutting efforts planned for this year and beyond, the CEO said. The job cuts follow reviews of all of BP's ( BP) divisions, although the exact breakdown of the cuts was not disclosed.