BP to cut 4,700 jobs globally to reduce costs

The job cuts represent about 5 percent of BP's global workforce of 90,000 employees.

LONDON, Jan. 16 (Xinhua) -- The energy giant BP has announced plans to cut 4,700 jobs and 3,000 contractor positions worldwide in a bid to reduce costs, local media reported on Thursday.

The job cuts represent about 5 percent of BP's global workforce of 90,000 employees, according to Sky News. Chief executive Murray Auchincloss announced the redundancies in an email to staff on Thursday.

"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," Auchincloss wrote in the email, noting that the company has "a range of support available."

Sky News highlighted that the London-based energy company is grappling with challenges linked to the net-zero transition. BP pledged last year to cut its expenses by at least two billion U.S. dollars by the end of 2026.

"We have to keep improving our competitiveness and moving at the pace of our customers and society," Auchincloss said.