Union Jack Oil, a publicly traded UK energy company, has announced plans to convert natural gas from its West Newton site into electricity to power Bitcoin mining, marking what could become one of the country’s first “oil-to-crypto” monetization projects.

The move could generate early cash flow from wells that would otherwise remain undeveloped, the company said on Thursday in an operations report.

The project is being pursued in partnership with Rathlin Energy and Texas-based 360 Energy, which specializes in turning stranded or flared gas into power for on-site data centers.

Under a non-binding letter of intent, the companies aim to deploy 360’s In-Field Computing technology to begin mining Bitcoin directly at the West Newton A site, subject to regulatory approvals.

If successful, the new project could also lead to Union Jack “introducing a new Bitcoin Treasury strategy,” according to Executive Chairman David Bramhill.

West Newton: Discovered but still undeveloped

Union Jack Oil acquired its stake in West Newton in 2019, after operator Rathlin Energy struck gas at the site. Further drilling in the following years placed it among the largest onshore gas discoveries in the UK.

However, the site remains on hold due to planning delays and regulatory uncertainty, which have slowed the development of infrastructure needed to bring the gas to market.

“Regulatory uncertainty has unduly hampered progress,” Bramhill said, saying that projects like West Newton have suffered from a perception problem despite their commercial appeal.

Instead of waiting for full-scale approvals and infrastructure, Union Jack plans to use the gas on-site to power Bitcoin mining rigs, generating early revenue without relying on traditional development timelines.

“Onshore developers and producers have been forced to think outside the box to make progress and deliver growth,” Bramhill said. He described the proposed Bitcoin mining venture as “innovative” and offering “strong scope for a sustainable return.”

A shift in how energy is monetized

Union Jack Oil’s mining initiative is part of a broader shift in how energy companies think about underused resources. Many oil and gas firms are experimenting with Bitcoin mining to monetize stranded or flared gas that would otherwise be wasted.

The model is to convert gas into electricity on-site and use it to power mining rigs, avoiding the delays and costs of connecting to grids or building pipelines. Specialized providers like 360 Energy and Crusoe have been working on making this approach modular and scalable.

The strategy is being deployed elsewhere. In the US state of North Dakota, ConocoPhillips launched a pilot program to supply excess gas to Bitcoin miners rather than flare it.

In Argentina, oil firm Tecpetrol began using leftover gas from its drilling operations to run mining rigs after facing limits on how much it could release into the environment.

And in June 2025, Canadian company AgriFORCE launched an operation in Alberta that harnesses stranded natural gas to power 120 Bitcoin mining rigs, with plans to expand to two more sites.

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