Quantum computers could power future oil and gas computations.
That’s according to 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 tackle their mathematical challenges for decades,” the company noted in the release.
“Despite the significant improvements in the speed and precision of classical supercomputers, they can sometimes fall short when calculations involve multiple variables,” GlobalData added.
“This limitation could be overcome with quantum computers, which, in theory, can perform some of the most complex computations,” the company continued.
In the release, GlobalData included a chart showing quantum computing venture finance deals from the first quarter of 2018 to the fourth quarter of 2022. According to that chart, total deal value rose from well under $50 million in the first quarter of 2018 to almost $600 million in the third quarter of 2021. This figure came in at around $400 million in the third quarter of 2022 and just under $200 million in the fourth quarter of last year, the chart revealed.
The release also highlighted GlobalData’s thematic report on quantum computing in oil and gas. An overview of the report posted on GlobalData’s website outlined that quantum computer technology is still in the research and development phase but noted that “its potential use cases in the oil and gas industry are numerous and are likely to expand”.
“Several promising areas of application have been identified and companies are collaborating with technology players to advance their research,” the report overview states.
In the release, GlobalData noted that quantum computers use the properties of quantum physics to store data and perform computations. There are many technologies with the potential to build their foundational quantum bits (qubits), however, it may be over a decade before quantum computing enters the commercial mainstream, the release stated.
“Oil and gas industry leaders are experimenting with the quantum computing devices that are available today,” GlobalData Oil and Gas Analyst Ravindra Puranik said in the release.
“This would help them build an understanding of this technology. It would 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 the focus area of most companies.
“In this regard, Baker Hughes has filed several patents on the application of quantum computing in the drilling of oil wells,” Puranik said.
“Besides, companies such as TotalEnergies, ExxonMobil, and Shell are leveraging quantum simulations to identify suitable materials for carbon capture technologies, which are key to the energy sector to achieve carbon neutrality and mitigate climate change,” the analyst added.
As the technology is still at an early stage, companies have refrained from making any major acquisitions, Puranik said in the release.
“However, venture financing deals have shown promise, with the total deals value staying above $150 million after reaching a peak in Q3 2021,” the analyst added.
Quantum and the Majors
In November 2022, Eni revealed that it and PASQAL, which it described as a leader in neutral atoms quantum computing, would develop quantum solutions for the energy sector.
In a statement posted on its site at the time, Eni announced the establishment of a collaboration to develop next-generation high performance computing solutions for the energy sector through quantum computing.
“Through its full-stack approach, PASQAL is developing unique and proprietary quantum algorithms to enhance existing HPC workflows for a broad range of energy applications currently being researched by Eni along all its value chain (upstream, downstream, chemicals and renewables),” Eni noted in the statement.
Eni highlighted in the statement that the collaboration builds on Eni’s 2021 series A investment in PASQAL through Eni Next. PASQAL is using this funding to manufacture its current 100 qubit commercial quantum computer and develop its next generation systems, Eni said in the statement.
In October last year, Saudi Aramco announced that it and IBM aim to establish an “innovation hub” in Saudi Arabia.
“The collaboration aims to support high-tech driven economic growth in the Kingdom of Saudi Arabia leveraging emerging technologies in hybrid cloud, AI, and quantum computing to address objectives including circular economy, materials science, supply chain, sustainability, security, and digitization,” Aramco noted in a statement posted on its site at the time.
As part of the plans, Aramco and IBM will collaborate to identify potential opportunities for the application of technologies to address sustainability challenges, Aramco said in the statement. The planned Innovation Hub aims to bring together IBM Consulting and Technology experts to work alongside Aramco experts in identifying novel and potentially impactful uses of technology, the statement added.
In March 2022, QuintessenceLabs, which describes itself as a pioneer and leader in quantum cybersecurity solutions, announced that it had recently raised additional capital in a round led by Chevron Technology Ventures.
“This investment further underwrites QuintessenceLabs’ commitment to providing quantum-safe solutions and services to support security communities worldwide,” the company stated at the time.
“The Canberra-based company will use the funds in its mission to deliver advanced quantum-enhanced cybersecurity solutions to large enterprise customers worldwide,” it 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.
”By joining the IBM Quantum Network as an Industry Partner, BP will have access to IBM’s quantum expertise and software and cloud-based access to the most advanced quantum computers available via the cloud,” the company said in a statement posted on its website in February 2021.
In the statement, BP said it will work with IBM to explore using quantum computing to solve business and engineering challenges and explore the potential applications for driving efficiencies and reducing carbon emissions.
In May 2020, Leiden University revealed that Shell had entered into a five-year collaboration with the institution and VU Amsterdam to progress the field of quantum computing, “and to discover how to use them across Shell’s businesses”. During the same month, TotalEnergies, then named Total, announced that it was stepping up its research into carbon capture, utilization, and storage technologies by signing a multi-year partnership with UK start-up Cambridge Quantum Computing.
“This partnership aims to develop new quantum algorithms to improve materials for CO2 capture,” TotalEnergies stated at the time.
In January 2019, ExxonMobil said it had signed a partnership agreement with IBM to advance the potential use of quantum computing in developing next-generation energy and manufacturing technologies. As part of the agreement, ExxonMobil became the first energy company to join the IBM Q Network, the business highlighted in a statement posted on its site at the time.
To contact the author, email andreas.exarheas@rigzone.com
