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.

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.

Oil giant BP is to cut about 4,700 staff, more than 5% of its total workforce, as part of its plans to cut costs. The British firm, which has a global workforce of about 90,000 people, confirmed the job losses on Thursday,

BP is cutting 4,700 jobs and 3,000 contractor roles as part of a drive to "simplify and focus" the oil giant, it said on Thursday.

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