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    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 in: transaction support, financing, feasibility, valuations, market reviews, government policy support and oil marketing strategy and business process reviews and, as well as providing expert witness and training and development services.

    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 recent US Gulf Coast experience puts him in an ideal position to participate in the debate of the evolution of the Brent benchmark pricing basket to include WTI Midland.

    Graeme Cook Senior Associate Consilience

    Grahame Cook – Senior Associate

    Grahame has almost 30 years of experience in oil trading, supply and the commercial aspects of refining.


    Following several years trading crude oil and refined products for BP, he held senior management positions in BP’s crude oil and refined product trading teams for ten years, gaining extensive knowledge of both physical oil and derivative markets.


    In his career Grahame has also worked as Commercial Director of BP Shipping, served on the shareholder committee of BP’s ROG refining joint venture with Rosneft, served as a director of BP’s Nigermed joint venture with NNPC and spent several years in international business development and origination roles.


    Grahame has extensive experience of entrepreneurial oil trading, oil supply and crude oil marketing as well as price and operational risk management within large complex trading operations.


    Grahame also played a material role in the evolution of the Brent or BFOE market over the last 15 years.

    Lindsay Horn – Senior Associate

    Lindsay has 35 years’ experience as an energy risk manager with proven dealing relationship with many E&P firms worldwide. He has dealt with 50 oil refiners in Europe and Asia, largely focused on refinery margins and product crack hedging. His experience includes options and project finance-linked hedging.


    Lindsay has extensive knowledge of the key financial matrices from OTC Derivatives (bilateral and exchange cleared) to direct futures execution


    Lindsay worked for Goldman Sachs in their commodity group for 17 years in both in London and Singapore. Prior to he worked for Lehman Brothers, AIG and Drexel Burnham as an OTC derivatives sales person or a futures broker. Most recently he worked at Mercuria in London.