The move follows a competitive audit tender which the company first announced in 2013. BP now intends to propose to shareholders at its 2018 annual general meeting that Deloitte be appointed as the company's auditor for the financial year 2018.

EY will continue in its role and will undertake the audit of BP for the financial years 2016 and, subject to reappointment by shareholders at the next annual general meeting, 2017.

Brendan Nelson, chairman of BP's audit committee, said: ‘I would like to thank EY for their high professional standards and all they have done to provide assurance to the Board and shareholders during their time as BP's auditors. Subject to shareholder approval at the 2018 AGM, we look forward to working with Deloitte.’

According to the 2015 annual report, EY was paid a total of $51m (£41m) over the year, slightly lower than the $53m (£42.6m) paid the previous year. Of the total, $47m was for audit and audit-related assurance services, plus an additional $3m for non-audit services and $1m for services relating to pension plans.