BP is set to slash 700 jobs as part of a major shake-up. It will cut roles in its upstream division – the discovery and extraction of crude oil – but not front-line roles such as technicians, staff were told in an email. The aim is to streamline BP and boost returns amid signs of ‘potential oversupply and lower oil and gas prices’. She has said her restructure will create a ‘simpler, stronger, more valuable’ firm. BP has come under pressure from activist investor Elliott Investment Management, and former chief executive Murray Auchincloss stepped down after less than two years.