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

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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.

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.

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.

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

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

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. It comes as last year, BP launched a plan to reduce its costs by at least $2bn (£1.6bn) by the end of 2026 - with the cuts a part of that.