Oil giant Chevron Corporation is to make up to 8,000 employees redundant by the end of 2026 in a bid to cut costs.

Between 15% and 20% of jobs will be lost from the 40,000-strong global workforce.

Company vice-chairman Mark Nelson said: “Chevron is taking action to simplify our organisational structure, execute faster and more effectively and position the company for stronger long-term competitiveness.

“We do not take these actions lightly and will support our employees through the transition. But responsible leadership requires taking these steps to improve the long-term competitiveness of our company for our people, our shareholders and our communities.”

The company said it was targeting up to $3bn in costs by the end of 2026 from leveraging technology, asset sales and changing how and where work is done.

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The refining sector is wary of the possibility of oil price pressures in coming years as global production growth outpaces demand. As a result, the oil industry as a whole has been consolidating, focusing more on mergers and operational efficiency than on drilling new wells.

Over the past decade employment in the US oil and gas sector has fallen sharply, even as production continues to expand.

Chevron has also been experiencing some production challenges, including cost overruns and delays at a large Kazakhstan oilfield project. The company’s oil and gas reserves have declined to their lowest point in at least a decade, raising concerns about its long-term prospects.

The company moved its headquarters from San Ramon, California, to Houston last year and replaced several long-serving managers.

Chevron’s $53bn deal to buy the oil producer Hess is in limbo due to a court battle with its rival Exxon Mobil, which has more aggressively expanded its own production.

It also announced a new hub in India that will be its largest technology centre outside the US.

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