Senior Associates

Ben Holt

Senior Associate
Ben has over 35 years’ experience including periods spent in senior management roles as well as in consulting, focused especially on Europe and Africa but including most other regions of the world. His expertise spans oil markets and trading, commercial, refining, tanker shipping and infrastructure.

His career has included seven years as Head of Oil Marketing at Africa-focused Tullow Oil and previously fifteen years at Enterprise Oil, as well as earlier roles in oil trading and refinery supply co-ordination at BP. He also spent a decade in consulting, including as Vice President, Downstream Consulting and SME for oil infrastructure at Wood Mackenzie.

Ben has managed and executed downstream consulting projects on transaction support, market reviews, government policy support and oil marketing strategy and business process reviews, as well as providing expert witness and training and development services.

Examples of Ben’s experience include:

Oil Marketing

  • Crude Oil Marketing strategy reviews, for producers based in Europe and Africa
  • Oil marketing and trading business process reviews for an international trading company and an oil marketing entity.

Price Risk Management

  • Review of derivatives portfolio and hedging activity in an arbitration
  • Evaluation of embedded options in oil sales contracts

Oil Pricing and Valuation

  • Pricing for long term sales of crude oil to a local refiner in N Africa
  • Valuation of various grades of Fuel Oil in the Asian market
  • Valuation of a Caspian crude oil in the Mediterranean market, as an Expert Witness in international arbitration;
  • Assessment of market-representativeness of a North Sea oil pipeline value adjustment procedure for a participant producer, as a basis for opening a  review of the mechanism;
  • Assessment of market-representativeness of the Forties pipeline value adjustment procedure for a user.

Oil Refining Economics

  • Modelling margins with a wide variety of crude and product slates for several European refineries that were potential targets for a producer’s crude oils, including consideration of economics of carbon emissions
  • Consideration of most likely refinery outlets for a new ultra-low sulphur crude oil in Asian refineries.

Oil Logistics and Infrastructure

  • Led team as seller’s market advisor on a portfolio of European oil storage, sold for ca. $500 million
  • Buyer’s advisor reviewing two large international portfolios of oil storage and other logistics being offered by affiliates of trading companies
  • Reviews and evaluations of strategic storage facilities in NW Europe
  • Numerous other storage and infrastructure projects in N America, SE Asia, Europe, the Middle East and Africa.
  • Chartering of dynamically-positioned and conventional tankers for oil storage and ship-to-ship tanker operations.

Oil Industry Training

  • Programme covering oil sales contracts, pricing, forward futures and derivatives markets, refining and shipping for a producer
  • Visiting lecturer at Cass (now Bayes) Business School, London for over a decade
  • Has run numerous training programmes in Europe, the FSU, UK and Asia.
  • Ben has particular experience in the areas of crude oil evaluation, assay analysis and value adjustment mechanisms. Examples include:
    • Valuation of a Caspian crude oil in the Mediterranean market, as an Expert Witness in an international arbitration;
    • Assessment of market-representativeness of a North Sea oil pipeline value adjustment procedure for a participant producer, as a basis for opening a review thereof;
    • Forecasts of the impact of IMO-2020 fuel specifications on crude oil market price differentials for a producer of ultra-low sulphur crudes;
    • Assessment of market price differentials for new crude oils, from light sweet to heavy sour, in Europe, Africa and Latin America, for operator producers, for presentation to JV partners and inclusion in internal economics;
    • Review of the range of crude oil value adjustment methodologies used internationally, as input to commercial negotiations for a new international oil pipeline;
    • Assessment of market-representativeness of the Forties pipeline value adjustment procedure for a user;
    • Independent assessment for a major oil company Operator as to whether a change in market circumstances had affected the representativeness of an oil pipeline value adjustment procedure.

David Povey

Senior Associate
David has over 35 years’ experience of trading crude oil and derivative instruments for oil and trading companies including Amerada Hess, Rhein Oel, Enterprise Oil, Addax, BP, Statoil, EnQuest and latterly in Occidental Houston, where he was VP of International Oil Trading until the corona virus hit.

Although David’s first degree was in geology he has an MBA from the London Business School and is highly numerate. He is particularly skilled in the valuation of traded options and the real option modelling of assets including embedded options that are frequently over-looked by asset owners. His knowledge of derivatives and complex strategies is formidable. Bu,t David also has hands on physical trading experience in the Atlantic Basin as a “relationship” trader.

His US Gulf Coast experience puts him in the ongoing debate of the further evolution of the Brent benchmark pricing basket following the inclusion of WTI Midland.

Lettie Sanchez

CEO
It if sometimes furnished unwilling as additions so. Blessing resolved peculiar fat graceful ham.

Anju Sanehi

Senior Associate
Anju began her legal career in the City of London with Linklaters and Ashurst, before being appointed Partner at DLA Piper. In that role, she led a successful natural resources and regulatory law practice, combining legal advisory and transactional work with senior management responsibilities. Her practice centred on climate change regulation, renewable energy, and sustainable development, advising an international client base across government, industry, and finance.

She also served as Regulatory Counsel for the European assets of American Electric Power (AEP), overseeing coal fired power stations and electricity supply operations. During her tenure, she played a pivotal role in positioning AEP as the first generator to produce renewable energy certificates through co firing.

In recent years, Anju has acted as a senior consultant to MGT Teesside Limited, supporting the development, financing, and commissioning of the world’s largest biomass power plant. As regulatory lead, she engaged with UK government departments on electricity sector policy, providing industry insights on support mechanisms including feed in tariffs, renewable and carbon certificates, and Contracts for Difference.

Her international work includes advising the South African government on renewable energy development across sub Saharan Africa. This encompassed the strategic design of a technical training hub to promote sustainable careers, analysis of private equity investment models for clean energy portfolios, and assessment of funding opportunities from European Development Finance Institutions. She also advised on the transition of World Bank CDM and development agency projects.

Anju has further supported the Qatari government on climate change policy and international negotiations. She has advised the Carbon War Room, the charity founded by Richard Branson, on procurement strategies to accelerate renewable energy transitions in Caribbean Island economies, and contributed to the Blue Horizons feasibility study on low carbon marine cargo transport in Fiji using biodiesel and solar battery technologies.

Throughout her career, Anju has provided strategic counsel on renewable energy and climate policy, serving on multiple legal and industry committees focused on renewable energy generation and environmental regulation. Her expertise spans regulatory frameworks, policy design, and stakeholder engagement. She brings extensive experience managing multi disciplinary, multi jurisdictional teams in both professional and voluntary capacities.

Her public service includes appointments as an Independent Person on the Standards Committee of the City of London Corporation and as a Lay Member of the Research Ethics Committee at the University of London.

Lettie Sanchez

CEO
It if sometimes furnished unwilling as additions so. Blessing resolved peculiar fat graceful ham.

Pauline Martin

Senior Associate
Pauline has built an international career spanning more than three decades across the energy sector, with extensive expertise in crude trading operations, terminal coordination, shipping logistics, and operational risk management. Her career has been defined by senior leadership roles within major international energy companies, where she has managed the critical interface between exploration and production, physical trading, and marine logistics across multiple global markets.

She spent over twenty years with TotalEnergies, including senior appointments with TOTSA TotalEnergies Trading SA in Geneva, where she held responsibility for global crude trading operations and terminal coordination. In these roles, Pauline oversaw complex international offtake programmes for operated assets in West Africa, Brazil, the Mediterranean, and the North Sea, ensuring safe, efficient, and commercially optimised crude movements.

Her leadership covered the full operational chain, from terminal management and shipping schedules to refining interfaces and equity partner coordination. She played a central role in issuing formal lifting programmes on behalf of equity holders, forecasting production volumes, and maintaining alignment between joint venture partners, national oil companies, and trading teams. Her expertise in field lifting agreements included supporting the framework for TotalEnergies’ first operated terminal development in Uganda.

Pauline has extensive experience in managing high-value global trading desks and leading multi-location operational teams. As General Manager for Crude Trading Operations and Terminal Coordination, she directed teams across international hubs, overseeing the execution of crude, LPG, and condensate transactions. Her remit included trade contract governance, letters of credit, strategic storage negotiations, marine vetting, and high-risk ship-to-ship transfer operations, with particular expertise in challenging jurisdictions such as Brazil and West Africa.

A recognised specialist in crisis management, Pauline is known for her ability to navigate high-pressure operational environments while maintaining supply continuity and safeguarding commercial interests. She has consistently delivered solutions to complex logistics challenges, including mitigating production shutdown risks, resolving terminal bottlenecks, and protecting supply chains during market disruptions. Her approach combines operational precision with commercial awareness, ensuring business objectives are achieved without compromising health, safety, or environmental standards.

Earlier in her career, Pauline held operational roles with ExxonMobil, where she managed offshore tanker scheduling and shipping coordination for North Sea production, and with Enterprise Oil, where she worked across crude and LPG trading operations. She began her professional career in the Royal Navy, serving in a variety of positions in the UK and internationally.

Alongside her operational leadership, Pauline has been deeply committed to developing high-performing teams. She has led recruitment, mentoring, and technical training initiatives throughout her career, building resilient operational teams capable of managing sophisticated international trading activities. Her focus on leadership development has included establishing performance frameworks, drafting operational procedures, and implementing emergency response protocols to strengthen organisational readiness.

Pauline brings a rare combination of commercial insight, operational leadership, and strategic coordination experience. Her expertise spans global trading operations, terminal infrastructure, shipping logistics, stakeholder engagement, and risk governance, making her a trusted adviser on complex international energy supply chains and physical trading operations.

Lettie Sanchez

CEO
It if sometimes furnished unwilling as additions so. Blessing resolved peculiar fat graceful ham.
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