Offshore staff
LONDON — GlobalData has published a report on quantum computing technology and its potential implications for the oil and gas sector.
“Quantum Computing in Oil and Gas” provides an overview of the technology and analyzes the role of majors, such as bp, Exxon Mobil, Equinor, Shell and TotalEnergies, in the development to address complex business issues.
Ravindra Puranik, oil and gas analyst with GlobalData, said, “Although the technology is still in the research and development stage, 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. Oil majors such as bp and Exxon Mobil have joined IBM’s Q Network to develop quantum computers that will increase the understanding of subsurface geology.”
Quantum computers apply quantum physics to store data and perform computations. Although there are various technologies with the potential to build their foundational quantum bits (qubits), it could take more than a decade for quantum computing to enter the commercial mainstream, according to GlobalData.
“Nevertheless, companies are looking at these computers to study aspects, such as molecular modeling and emission mitigation,” Puranik said. “Besides, the long-standing problems of matching demand with production and optimizing supply chains could be solved using quantum computing. As the technology is still at an early stage, companies have refrained from making any major acquisitions.
"However, venture financing deals have shown promise, with the total deals value staying above $150 million after reaching a peak in Q3 2021. In January 2023, French firm Pasqal raised around $108 million in Series B funding from multiple investors, including Saudi Aramco.”
Quantum computing can potentially solve complex mathematical problems more quickly and more accurately than traditional computers, helping companies to move faster to minimize risks and optimize their operational costs.
Puranik added, “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…
“TotalEnergies, Exxon Mobil 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.”
08.04.2023
