Benefits of Embedded Analytics for the Oil and Gas Industry
Introduction
The COVID-19 pandemic has changed the way we do business. Many companies are striving to find solutions to running their businesses successfully. These circumstances have already pushed many industries to change their organizational culture, data and labor practices, business models, and ecosystems. With pressure on oil and gas prices and demand, the potential value buried in today’s improved connectivity for exploration and production is more crucial than ever. Selecting the right technology could give players in the industry opportunities that are worth a fortune.
Many businesses are adopting embedded analytics to leverage data within their organizations to gain a competitive advantage over their peers. In this blog post, I am going to give an overview of embedded analytics, and how Bold BI will help enhance business in the oil and gas industry.
What is embedded analytics?
Integrating analytical solutions and data visualization capabilities into a software application’s user interface to improve data comprehension and usability is known as embedded analytics. Bold BI helps you easily embed an analytics solution into your everyday work applications using a JavaScript SDK and server application. It also helps you reduce dependency on IT teams and lets you pick out the patterns in your data you need to improve academic, administrative, and workforce outcomes.
Benefits of embedded analytics in the oil and gas industry
All companies have data flowing across various departments of their organizations, but only some of them are able to visualize their data and derive insights in real-time. Embedding analytics in your business applications makes it easy for departments that aren’t tech-based to showcase their data with visualizations that highlight data patterns. With this knowledge, managers of all departments will make more efficient and effective decisions that help the company to increase its profit margins.
Efficient lifecycle management and use of equipment
Modern methods of oil exploration involve machines with a large number of sensors that produce an enormous amount of data. Managers can extract valuable insights from this data by breaking it down. With embedded analytics, you can monitor the damages, breakdowns, and failures of the equipment over time. This tracks the depreciation rate and predicts when to service or replace the faulty equipment. You can thus reduce downtime and improve the lifecycle of the equipment.
Reducing production costs
Predictive analytics methods used in embedded analytics helps you find potential drilling sites where you can get resources like oil and gas based on the previous oil well’s soil, rock mineral structure, and seismic data. Examining this data helps executives reduce drilling time and prevent potential failures. It will help them manage production cost-efficiently and make a positive balance sheet.
Increasing logistics efficiency
Embedding analytics helps you monitor weather patterns across various locations and move oil and gas products efficiently. Sensor data from pipelines, such as vibration intensity, temperature, and flow rate, aids in the detection of pipeline erosion rates and pipeline cracks, and the prevention of pipeline accidents. It helps you increase performance by establishing best practices across the whole oil and gas supply chain, from oil exploration to refining.
Enhanced monitoring and decision-making
Embedding analytics in your company’s software applications makes your team’s data analysis much easier. All the key metrics you rely on are in one central location. You can track how many barrels of oil have been extracted and the emerging market trends, as well as compare both daily operations and trends that occur over longer periods of time. Monitoring these indicators provide a complete picture of the company’s performance to managers and helps them to make better decisions that improve the growth of the company.
How to embed analytics tools into oil and gas domain apps
Let’s see how analytics can be embedded into the web applications of fossil fuel companies. Bold BI can embed your dashboards in more than 10 web platforms, including ASP.NET Core, ASP.NET MVC, ASP.NET, and Ruby on Rails. In the rest of this blog, I am going to explain how to embed dashboards into your Angular applications. Consider a scenario in which your company has a website like the one shown in the following image.
You can embed dashboards easily using Bold BI Embedded and avoid building an analytics or BI solution yourself. Follow these steps to embed your dashboard successfully.
Prerequisites
Download and install the Bold BI server in your local machine and create a dashboard. You can find the installation and deployment steps here.
Step 1: Create an Angular application.
To successfully embed a dashboard in your application, you first need to create an Angular application. Create a new Angular project in Visual Studio Code and add the necessary ts files to the project ,as shown in the following image.
For more guidance, refer to the sample code in the Bold BI documentation.
In this demonstration, the Angular application acts as a client, and an ASP.NET Core application acts as a server. You need to add several properties in the app.component.ts file, as shown in the following table and screenshot.
RootUrl: Bold BI dashboard server URL. Example: http://localhost:58094/bi.SiteIdentifier: For Bold BI Enterprise, it should follow the format `site/site1`. For Bold BI Cloud, it should be an empty string.Environment: Your Bold BI application environment. If using Bold BI Cloud, you should use `cloud`. If using Bold BI Enterprise, you should use `enterprise`.apiHost: An ASP.NET Core application would be run on http://localhost:5000/, which needs to be set as `apiHost`
After adding these properties, we need to create the Bold BI instance.
Step 2: Create a Bold BI instance.
After the Angular web application is created, you need to create a Bold BI instance to communicate between the server side (any web application) and the client side (Angular application), which allows us to embed a Bold BI dashboard in the Angular application.
Step 3: Create an authorization server to authenticate the Bold BI server.
Every application that embeds a Bold BI dashboard or widget must be authorized with the Bold BI server. This authentication step requires sending confidential information to the Bold BI server, such as users’ email addresses, group data, and embed signatures. So, in your server application, implement this authentication flow and provide the URL for connecting to your server in the Bold BI Embedded instance.
Step 4: Run the Angular application to view the embedded dashboard.
In the Angular application, update the authorization URL and dashboard URL that were defined in the ASP.NET Core application. Finally, you can that see the dashboard created in the Bold BI server is embedded in your web application.
To learn more about embedding dashboards into your Angular applications, refer to this blog. You can also download the sample code used in the previous steps from our documentation.
Bold BI’s oil and gas solution dashboard examples
Oil and Gas Production monitoring dashboard
By embedding the Oil and Gas Production Monitoring dashboard, you get an analysis of oil and gas production in BOEPD units across different wells. Values in this dashboard are represented as BOEPD (barrels of oil equivalent per day). One barrel of oil is equal to 159 liters of crude oil, and one barrel of gas is equal to 5800 cubic feet of natural gas.
Key metrics and KPIs
Oil BOEPD: Shows the oil BOEPD units produced in the current week, compared with the previous week’s average units.
Gas BOEPD: Shows the gas BOEPD units produced in the current week, compared with the previous week’s average units.
Total production by state: Shows the total production as BOEPD units of both oil and gas in each state. The dark color indicates more production in that state.
Total production in last four weeks: Shows oil and gas produced over the last four weeks in BOEPD units.
To learn more about the metrics and KPIs used in this dashboard demo, refer to the Oil and Gas Production Monitoring dashboard example.
Oil and Gas Wells Summary dashboard
By embedding the Oil and Gas Wells Summary dashboard, you get the complete summary of the wells managed by the operator(s).
Key metrics and KPIs
Total wells: Shows the total number of wells owned by the selected operators.
Well count by purpose: Shows number of wells for each purpose.
Wells by status: Shows the status of the wells such as Active, Suspended, Cancelled, Abandoned, and capped.
Gross vs. net well count: Shows the gross well count and net well count over the last six months.
To learn more about the metrics and KPIs used in this dashboard example, refer to the Oil and Gas Wells Summary dashboard demo.
Conclusion
Bold BI Embedded helps you integrate dashboards in your applications written in React with ASP.NET Core, React with Go, WinForms, Node.js, VueJS with Go, VueJS with Core, and more, seamlessly. It will save you time and prevent you from doing redundant work. Click this link to explore its features. To learn more about embedding dashboards into your application, refer to this blog and our help documentation.
I hope you now have a better understanding of Bold BI Embedded and how it will help the oil and gas industry to be more successful. You can create a dashboard as you like with Bold BI Embedded’s 35 widgets and 130 data sources.
To get started with Bold BI, schedule a free 30-minute demo with our experts about creating dashboards and any other features you would like to learn more about. You can contact us by submitting questions through the Bold BI website or, if you already have an account, you can log in to submit your support question.
Originally published at https://www.boldbi.com on October 15, 2021.
