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.

The plan is designed partly to reinvigorate the company’s share price, which has fallen by around 20% since last spring.

The company did not disclose how many people were affected by the cuts per country.

But, the reductions amount to just over 5% of its 90,000-strong workforce.

BP has around 14,000 workers in the UK, with around 6,000 of these based in petrol and service stations who will not be affected by the cuts.

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Chief executive Murray Auchincloss announced the redundancies in an email to staff on Thursday.

He wrote: “I understand and recognise the uncertainty this brings for everyone whose job may be at risk, and also the effect it can have on colleagues and teams.

“We have a range of support available, and please continue to show care for each other, be considerate, and keep putting safety first – especially during times of change.”

The cuts announced today will “account for much of the anticipated reduction this year,” a company spokesperson told Sky News.

Just two days ago BP warned its fourth-quarter results for 2024 would be hit by weaker oil and gas production as it delayed an investor event due to be held in New York.

Mr Auchincloss said around 2,600 of the contractors involved in the job cuts had already left the business.

He added that the company was focused on the “highest-value opportunities” and had stopped or paused 30 projects since June last year.