Petroleum giant British Petroleum will cut 4,700 jobs this year in a cost cutting measure, the company announced Thursday.

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

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 ...

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After a difficult fourth quarter in which production and prices fell, oil major BP reportedly is cutting thousands of jobs.

The company employs 90,000 people worldwide and the internal job cuts represent around 5% of its workforce.

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BP ( BP) will eliminate 4,700 positions internally, ~5% of its workforce, and more than 3,000 contractor jobs, with more cost ...

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