Union Jack Oil, a publicly traded UK power firm, has introduced plans to transform pure gasoline from its West Newton website into electrical energy to energy Bitcoin mining, marking what may turn out to be one of many nation’s first “oil-to-crypto” monetization initiatives.
The transfer may generate early money movement from wells that might in any other case stay undeveloped, the corporate stated on Thursday in an operations report.
The undertaking is being pursued in partnership with Rathlin Energy and Texas-based 360 Energy, which makes a speciality of turning stranded or flared gasoline into energy for on-site information facilities.
Under a non-binding letter of intent, the businesses goal to deploy 360’s In-Field Computing know-how to start mining Bitcoin immediately on the West Newton A website, topic to regulatory approvals.
If profitable, the brand new undertaking may additionally result in Union Jack “introducing a brand new Bitcoin Treasury technique,” in line with Executive Chairman David Bramhill.
West Newton: Discovered however nonetheless undeveloped
Union Jack Oil acquired its stake in West Newton in 2019, after operator Rathlin Energy struck gasoline on the website. Further drilling within the following years positioned it among the many largest onshore gasoline discoveries within the UK.
However, the location stays on maintain as a consequence of planning delays and regulatory uncertainty, which have slowed the event of infrastructure wanted to convey the gasoline to market.
“Regulatory uncertainty has unduly hampered progress,” Bramhill stated, saying that initiatives like West Newton have suffered from a notion downside regardless of their industrial enchantment.
Instead of ready for full-scale approvals and infrastructure, Union Jack plans to make use of the gasoline on-site to energy Bitcoin mining rigs, producing early income with out counting on conventional growth timelines.
“Onshore builders and producers have been compelled to assume exterior the field to make progress and ship development,” Bramhill stated. He described the proposed Bitcoin mining enterprise as “revolutionary” and providing “robust scope for a sustainable return.”
A shift in how power is monetized
Union Jack Oil’s mining initiative is a part of a broader shift in how power corporations take into consideration underused assets. Many oil and gasoline corporations are experimenting with Bitcoin mining to monetize stranded or flared gasoline that might in any other case be wasted.
The mannequin is to transform gasoline into electrical energy on-site and use it to energy mining rigs, avoiding the delays and prices of connecting to grids or constructing pipelines. Specialized suppliers like 360 Energy and Crusoe have been engaged on making this method modular and scalable.
The technique is being deployed elsewhere. In the US state of North Dakota, ConocoPhillips launched a pilot program to provide extra gasoline to Bitcoin miners slightly than flare it.
In Argentina, oil agency Tecpetrol started utilizing leftover gasoline from its drilling operations to run mining rigs after going through limits on how a lot it may launch into the setting.
And in June 2025, Canadian firm AgriFORCE launched an operation in Alberta that harnesses stranded pure gasoline to energy 120 Bitcoin mining rigs, with plans to develop to 2 extra websites.
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