Chevron invests in quantum computing development for oil and gas market

March 05, 2024

(WO) – OQC announced that Chevron Technology Ventures, part of Chevron Corporation, has joined its $100m Series B funding round.

Quantum computing in the oil and gas market is expected to grow at a CAGR of 37.9%, owing to the increasing demand for efficient optimization and simulation across the sector. Chevron's investment marks a significant move by a supermajor into the rapidly evolving field of quantum computing.

"OQC's development of the quantum computer has the potential to change the information processing landscape by merging the bounds of engineering and physics," said Jim Gable, Vice President, Innovation and President of Technology Ventures at Chevron. "This is the latest investment from our Core Energy Fund, which focuses on high-tech, high-growth startups and breakthrough technologies that could improve Chevron's core oil and gas business performance as well as create new opportunities for growth."

A quantum future for oil and gas. OQC's technology provides several potential groundbreaking opportunities for the oil and gas sector, including the development and optimization of catalysts and the efficiency of transportation and distribution networks. Quantum is anticipated to accelerate the oil and gas industry's discovery and development of new materials through the simulation of complex molecules to lower carbon products.

To realize this future, the oil and gas industry requires secure, accessible and powerful quantum computing that is integrated with existing high-performance computing. Prior to the launch of OQC Toshiko, quantum computers were only available in labs, making secure access for companies and integration with existing high-performance computing the largest barriers to wider business adoption of this groundbreaking technology.

Commenting on the news, Ilana Wisby, Chief Executive Officer at OQC, said, "Chevron's investment marks a significant milestone in harnessing quantum computing for the energy sector. We're excited to drive innovation and efficiency in exploration and renewables and pioneer enterprise-ready quantum in the energy sector."

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