BP is to cut 5% of its workforce in an effort to reduce costs.
Around 4700 employee and 3000 contractor positions will be cut this year, according to the British energy company.
CEO Murray Auchincloss last year said BP would cut costs by at least $2bn by the end of 2026 to boost returns and address investor concerns over its energy transition strategy.
A BP spokesperson told reNEWS: “We are strengthening our competitiveness and building in resilience as we lower our costs, drive performance improvement and play to our distinctive capabilities.
“To deliver this, a series of programmes are in place in businesses throughout bp.
“Today, we have today told staff across bp that the proposed changes that have been announced to date are expected to impact around 4700 bp roles – these account for much of the anticipated reduction this year.
“We are also reducing our contractor numbers by 3000.
“As our transformation continues our priority will – of course – be safe and reliable operations and continuing to support our teams.”
BP declined to give breakdowns of the job cuts by region or business.