The UK-listed energy company Union Jack Oil has announced plans to convert natural gas from its West Newton site into electricity to power Bitcoin mining, marking what could be the country's first "oil-to-cryptocurrency" monetization project.
The company stated in its operational report on Thursday that this move could generate early cash flow from previously undevelopable wells.
The project is being advanced in collaboration with Rathlin Energy and Texas-based 360 Energy, which specializes in converting stranded or flared gas into electricity for on-site data centers.
According to a non-binding letter of intent, these companies aim to deploy 360's on-site computing technology to begin Bitcoin mining directly at the West Newton A site, pending regulatory approval.
Executive Chairman David Bramhill stated that if successful, this new project could also lead Union Jack to "introduce a new Bitcoin treasury strategy."
Union Jack Oil acquired its stake in West Newton in 2019 after operator Rathlin Energy discovered gas at the site. Further drilling in the following years has made it one of the largest onshore gas discoveries in the UK.
However, due to planning delays and regulatory uncertainty, the site remains on hold, factors that have slowed the development of the infrastructure needed to bring gas to market.
"Regulatory uncertainty has improperly hindered progress," Bramhill said, noting that projects like West Newton, despite their commercial appeal, are plagued by perception issues.
Union Jack plans to use on-site gas to power Bitcoin mining equipment, generating early revenue instead of waiting for full approvals and infrastructure development, and without relying on traditional development timelines.
"Onshore developers and producers are forced to think outside the box to make progress and achieve growth," Bramhill said. He described the proposed Bitcoin mining business as "innovative" and offering "strong potential for sustainable returns."
Union Jack Oil's mining initiative is part of a broader shift in how energy companies think about underutilized resources. Many oil and gas companies are experimenting with Bitcoin mining to monetize gas that would otherwise be wasted.
The model involves converting gas into electricity on-site and using it to power mining equipment, avoiding delays and costs associated with connecting to the grid or building pipelines. Specialized suppliers like 360 Energy and Crusoe have been working to modularize and scale this approach.
This strategy is being deployed elsewhere. In North Dakota, ConocoPhillips has launched a pilot project to supply excess gas to Bitcoin miners instead of flaring it.
In Argentina, oil company Tecpetrol has begun using leftover gas from drilling operations to run mining equipment after facing environmental emission restrictions.
In June 2025, Canadian company AgriFORCE launched a business in Alberta that uses stranded gas to power 120 Bitcoin mining devices, with plans to expand to two additional sites.
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Original article: “UK-listed energy company Union Jack Oil to convert stranded gas into Bitcoin (BTC) mining power”
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