Petroleum giant British Petroleum will cut 4,700 jobs this year in a cost cutting measure, the company announced Thursday. That amounts to about 5% of its total workforce.

LONDON (Reuters) -BP will cut over 5% of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss' efforts to reduce costs and rebuild investor confidence in the energy giant.

London-based energy firm BP plan to cut its global workforce by just over five per cent, resulting in 4,700 job losses. The oil giant will also remove 3,000 contractor positions, reports Reuters, having seen an internal memo letting staff know of the upcoming changes.

BP ( BP) will eliminate 4,700 positions internally, ~5% of its workforce, and more than 3,000 contractor jobs, with more cost-cutting efforts planned for this year and beyond, the CEO said. The job cuts follow reviews of all of BP's ( BP) divisions, although the exact breakdown of the cuts was not disclosed.

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

BP Plc is eliminating 4,700 positions internally, about 5 per cent of its workforce, and more than 3,000 contractor jobs, CEO Murray Auchincloss told staff on Thursday, as the London-based energy giant seeks to reduce costs.