Energy company BP will cut 1,500 permanent employees and 1,200 contractors worldwide by the end of the year, signaling potential further cuts as it ramps up cost-cutting efforts.
The oil giant now expects to cut 6,200 jobs, or 15% of the 4,700-plus office workforce it announced earlier this year.
The firm is likely to cut more jobs in the wake of shareholder pressure with the launch of a new savings plan and a comprehensive portfolio review.
BP also confirmed that a review of 100,000 global workforce would continue as part of the new initiative.
BP CEO Murray Auchincloss also said the company would improve returns for investors and acknowledged that there was still much to be done in the current three-year plan.
BP is facing pressure from shareholders to improve profits and cut costs, especially after Elliott Investment Management acquired a 5% stake in the company.
BP's half-year profit fell by almost a third due to falling oil prices, although second-quarter performance beat analysts' expectations.
