UK-based Union Jack Oil is taking a novel approach to monetize its West Newton gas reserves—by turning them into Bitcoin.
The company has partnered with Texas firm 360 Energy to launch a crypto mining operation that runs directly on natural gas extracted from the WNA-2 well.
Instead of waiting on lengthy approvals for full field development, Union Jack aims to generate early revenue through this energy-to-Bitcoin conversion. 360 Energy’s modular infrastructure will be used to power mobile data centers on-site, eliminating the need for traditional gas monetization routes.
An initial agreement has been signed between the project partners, with plans to expand across the broader license area depending on regulatory approval. A previous evaluation estimated the West Newton site holds around 200 billion cubic feet of recoverable gas—enough to support long-term mining operations.
Executive Chairman David Bramhill says the strategy reflects a need to innovate amid growing red tape in the UK energy sector. If successful, Union Jack could also explore building a Bitcoin treasury, joining a wave of companies adding crypto to their balance sheets by producing rather than buying it.
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Source: https://coindoo.com/uk-oil-company-turns-to-crypto-mining-to-monetize-gas-reserves/