British oil major BP on Thursday said it is planning to cut thousands of jobs as part of a major cost-cutting drive.

BP will be axing 7,700 jobs from its workforce as part of major cost cutting plans.

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.

BP will cut over 5 per cent of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss’ efforts to reduce costs and rebuild investor confidence in the energy giant.

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 told staff that 3,000 contractor positions will also be cut,

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.