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

British multinational oil and gas company BP announced on Thursday that it would reduce its workforce by thousands as part of a significant cost-cutting initiative. The company aims to streamline its operations and reduce expenses in response to challenging market conditions and the ongoing transition towards cleaner energy sources.

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.

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BP is set to lay off up to 5% of its global workforce, the company announced on Thursday. This indicates that thousands of employees will lose their jobs. The British oil giant noted that the decision aims to reduce costs and rebuild investor confidence.

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.

BP will cut over 5% of its global workforce as part of a strategy to reduce costs and rebuild investor confidence. CEO Murray Auchincloss aims to simplify operations and boost returns following the resignation of his predecessor.

BP Plc is eliminating 4,700 positions internally, about 5% of its workforce, and more than 3,000 contractor jobs, Chief Executive Officer Murray Auchincloss told staff on Thursday, as the London-based energy giant seeks to reduce costs.

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