BP will axe 1,500 jobs and 1,200 contractor positions as it uncovers its biggest oil reserves in 25 years.

Energy giant BP has announced that it will cut 1,500 jobs and 1,200 contractor positions in light of a global workforce review. It comes amid a significant oil and gas discovery, the biggest in 25 years. Half-year profits fell by almost a third and BP is facing pressure from shareholders to increase profits and cut costs. The company is working on a $5 billion cost-cutting plan through 2027 and has announced it will divest assets worth $20 billion.