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* Move comes amid broad $43bln cost cutting drive
* BP to review 2015 spending cuts amid falling oil prices (Adds details from investor day, Deutsche Bank, updates share)
By Ron Bousso
LONDON, Dec 10 (Reuters) - BP will cut thousands ofjobs cut across its global oil and gas business by the end ofnext year in a $1 billion restructuring programme announced onWednesday following steep falls in oil prices.
The British oil major said it was also considering deepercuts to its 2015 budget beyond the $1-$2 billion reductionalready announced in October, as a result of the oil slump.
"Given the recent position taken by OPEC and with oil priceswhere they are today, we will continue to review this further,"BP head of upstream Lamar McKay said in a presentation during aninvestor day in London.
The bulk of the restructuring costs will go towards staffredundancies in all segments, including oil exploration andproduction, refining and trading and administration, a companyspokesman said.
BP said a first charge will be taken in the fourth quarterof 2014 as it implements a plan drawn up over the past 18 monthsto increase efficiency.
"We expect the group to incur about $1 billion ofnon-operating restructuring charges over the next five quarters,including the current quarter," the company said.
Thousands of BP's global work force of around 84,000 areexpected to lose their jobs, sources said.
BP is in the midst of a cost cutting drive that saw it sellover $43 billion worth of assets to cover the expense of the2010 Gulf of Mexico oil spill and the oil sector's rising costs.
The sharp drop in oil prices, which fell from around $115 abarrel to around $65 a barrel since June, has piled furtherpressure on BP and its peers as revenues tumble.
By 1306 GMT, BP shares were down 0.32 percent at 404.65pence per share, compared to a 0.06 percent decline in the Stoxx600 oil & gas index.
McKay did not give any details on possible project delays orcancellations, saying new oil projects were sanctioned at $80 abarrel, but were also tested at $60 a barrel.
Global oil and gas exploration projects worth more than $150billion are likely to be put on hold next year as plunging oilprices render them uneconomic, data shows.
Deutsche Bank on Wednesday upgraded BP shares to buy,quoting "positive change in perception" over the impact ofRussian sanctions and the Gulf of Mexico spill. (Additional reporting by Paul Sandle; editing by Kate Holtonand Crispian Balmer)
