BP is set to eliminate 700 positions as part of a significant organizational overhaul under new chief executive Meg O'Neill.
The job cuts will primarily affect the company's upstream division, which handles the discovery and extraction of crude oil, according to reports from Thisismoney.
The restructuring underscores a strategic pivot away from the aggressive renewable energy expansion pursued by BP's former leadership.
O'Neill has been tasked with refocusing the energy giant on its traditional fossil fuel strengths, a move that analysts view as a correction following what has been described as a disastrous drive into green energy markets.
This shift in corporate direction comes as major industrial players across Europe and the UK grapple with workforce reductions and strategic realignments.
Recent months have seen Centrica, owner of British Gas, announce plans to cut 1,300 jobs over two years, while BMW Group is eliminating 8,000 positions as part of a broader executive and operational overhaul.