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

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.

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

BP, which employs around 4,000 in Houston, will eliminate thousands of roles to cut costs, according to reports from Associated Press and Wall Street Journal.

The energy giant employs around 14,000 workers in the UK, although there’s no information as yet as to how many British workers will be impacted.

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.

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 is planning to cut more than 5% of its 90,000-strong workforce as part of a cost-cutting drive. The British oil giant told employees in a memo Thursday that it would slash around 4,700 jobs this year.