British energy giant BP on Thursday said it would axe 4,700 staff jobs, or about five percent of its workforce, and is cutting thousands of contractor roles to reduce costs.

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.

BP announced today that it will cut around 4,700 staff, or over 5% of its total workforce, as part of chief executive Murray Auchincloss' efforts to reduce costs.

BP will eliminate a total of 7,700 roles — 4,700 internal jobs and 3,000 contractor roles — to cut costs, according to reports.

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

The oil giant, which announced the cuts in a staff memo, has about 90,000 workers globally and 14,000 in the UK.

BP is to cut 4,700 jobs and 3,000 contractor roles, as it seeks to fulfil its plan to make $2 billion (£1.6 billion) in cost-savings by the end of 2026. The jobs represent about 5 per cent of the energy company's global workforce.