Global oil giant BP is undertaking a review of its office occupation that could see it cut its worldwide footprint by 50%.

The review being undertaken by its senior management could result in it exiting leases over time and subleasing space as it moves to a flexible working model where a greater proportion of its staff work from home, the Guardian reported.

The Guardian said the review is examining a reconfiguration of BP's portfolio that could see it exit up to 75% of its office space, but the cuts are likely to stop short of this.

BP employs about 70,000 people in 79 countries, and 50,000 of those could begin utilising flexible working practices and working from home more regularly.

A spokesman for BP told the Guardian the review would result in fewer permanent office desks for individuals but more flexible meeting areas and collaborative team working spaces.

BP employs 6,500 people in the UK principally in Sunbury, west of London, St James’s in the West End, and it has recently signed for 200K SF at Blackstone’s 25 North Colonnade office in Canary Wharf, to replace its current offices at 20 Canada Square.