Oil and gas chief says sector needs to adjust to $60 a barrel future

The new boss of the UK's oil and gas body has warned that the sector faces a future in which long term oil prices are about $60 a barrel.

Deirdre Michie told a gathering in Aberdeen that the industry needed to adjust and find a fresh way forward.
Oil prices have fallen from about $115 a barrel to $63 since last June
The annual oil and gas industry conference also heard from First Minister Nicola Sturgeon, who wants no new tax rises for the sector.
Thousands of job losses have been announced in the industry in recent months, and
thousands more are expected, despite measures announced in the last Budget designed to help the industry. A recent survey found contractors' confidence was at a "record low".
North Sea exploration reached its lowest level in at least two decades in 2014, with 14 explorations wells drilled compared with 44 in 2008
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