Quantum computers could power oil and gas in the future

Quantum computers could power future oil and gas calculations

That’s the claim from data and analytics company GlobalData, which made the statement in a release sent to Rigzone recently.

“The oil and gas industry has relied on traditional computers to solve their mathematical challenges for decades,” the company noted in its press release.

“While there have been significant improvements in the speed and accuracy of classical supercomputers, they can sometimes fall short when calculations involve many variables,” GlobalData added.

“This limitation can be overcome by quantum computers, which can, in theory, perform some of the most complex calculations,” the company continued.

In the release, GlobalData included a chart showing quantum computing venture financing transactions from Q1 2018 to Q4 2022. According to that chart, the total transaction value increased from less than 50 million in the first quarter of 2018 to nearly $600 million in the third quarter of 2021. This number reached about $400 million in the third quarter of 2022 and just under $200 million in the fourth quarter of last year, the chart reveals.

The release also highlights GlobalData’s thematic report on quantum computing in oil and gas. An overview of the report posted on GlobalData’s website points out that quantum computing technology is still in the research and development phase but notes that “its potential use cases in the oil and gas industry are very large and scalable.

“Several promising application areas have been identified, and companies are partnering with technology companies to advance their research,” the report overview said.

In the release, GlobalData notes that quantum computers use properties of quantum physics to store data and perform calculations. There are many technologies that have the potential to build foundational quantum bits (qubits), but it may be more than a decade before quantum computing becomes commercially mainstream, the release said.

“Oil and gas industry leaders are testing existing quantum computing devices,” GlobalData Oil and Gas Analyst Ravindra Puranik said in the press release.

“This will help them build an understanding of this technology. It will also give them a first-mover advantage when such computers actually become available,” Puranik added.

Puranik stated in the release that upstream use cases continue to be an area of ​​focus for most companies.

“In this regard, Baker Hughes has filed several patents on the application of quantum computing in oil well drilling,” Puranik said.

“In addition, companies like TotalEnergies, ExxonMobil, and Shell are leveraging quantum simulation to identify suitable materials for carbon capture technology, which is key to helping the energy industry,” the analyst added. achieve carbon neutrality and mitigate climate change”.

Puranik said in the press release that because the technology is still in its early stages, companies have refrained from making any major acquisitions.

“However, venture funding deals have shown promise, with total deal value remaining above $150 million after peaking in Q3 2021,” the analyst added.

Quantum and specialized

In November 2022, Eni revealed that it and PASQAL, which it describes as a leader in neutral atom quantum computing, will develop quantum solutions for the energy sector.

In a statement posted on its website at the time, Eni announced the establishment of a collaboration to develop next-generation high-performance computing solutions for the energy industry through quantum computing. death.

“Through a comprehensive approach, PASQAL is developing unique and proprietary quantum algorithms to enhance existing HPC workflows for many energy applications currently being researched by Eni along all the energy chains. value (upstream, downstream, chemicals and renewables),” Eni noted in the statement.

Eni emphasized in the statement that the partnership builds on Eni’s 2021 series A investment in PASQAL through Eni Next. Eni said in the statement that PASQAL is using the funding to produce its current 100-qubit commercial quantum computer and develop next-generation systems.

In October last year, Saudi Aramco announced that it and IBM aimed to establish an “innovation center” in Saudi Arabia.

“This partnership aims to support tech-driven economic growth in the Kingdom of Saudi Arabia, leveraging emerging technologies in hybrid cloud, AI and quantum computing to address the goals include circular economy, materials science, supply chain, sustainability, security and digitalization,” Aramco noted in a statement posted on its website at the time.

As part of the plan, Aramco and IBM will collaborate to identify potential opportunities for applying technology to address sustainability challenges, Aramco said in the statement. The planned Innovation Center aims to bring together IBM Technology and Consulting experts to work alongside Aramco experts in identifying new and viable technology applications, the statement added. ability to influence.

In March 2022, QuintessenceLabs, which describes itself as a pioneer and leader in quantum cybersecurity solutions, announced that it recently raised additional capital in a round led by Chevron Technology Ventures head.

“This investment further strengthens QuintessenceLabs’ commitment to providing quantum-safe solutions and services to support security communities around the world,” the company stated at the time.

“The Canberra-based company will use the funds for its mission to deliver advanced quantum-enhanced cybersecurity solutions to major enterprise customers worldwide,” the company added. .

Back in February 2021, BP announced that it had joined the IBM Quantum Network to advance the use of quantum computing in the energy industry.

The company said in a posted statement: “By joining the IBM Quantum Network as an Industry Partner, BP will have access to IBM’s quantum expertise and software as well like cloud-based access to the most advanced quantum computers available through the cloud.” on its website in February 2021.

In the statement, BP said it will work with IBM to explore the use of quantum computing to solve business and technical challenges, and explore potential applications to improve efficiency and reduce carbon emissions.

In May 2020, Leiden University revealed that Shell had signed a five-year partnership with the institution and VU Amsterdam to develop the field of quantum computing “and explore its use in business activities of Shell”. In the same month, TotalEnergies, then named Total, announced that it was stepping up research into carbon capture, utilization and storage technology by signing a multi-year partnership with the Cambridge startup Quantum Computing of the UK.

“This collaboration aims to develop new quantum algorithms to improve CO2 capture materials,” TotalEnergies said at the time.

In January 2019, ExxonMobil said it had signed a collaboration agreement with IBM to advance the potential use of quantum computing in developing next-generation energy and manufacturing technologies. As part of the deal, ExxonMobil became the first energy company to join the IBM Q Network, the business highlighted in a statement posted on its website at the time.