Union Jack Oil Bets Big on Bitcoin to Turbocharge West Newton Gas Development

Fossil fuels meet crypto—in a high-stakes gamble to revive stranded assets.

The Bitcoin Backdoor Play

Union Jack Oil just flipped the script. Instead of begging banks for capital, they’re eyeing Bitcoin mining as a Trojan horse to monetize their dormant West Newton gas field. Drill rigs powered by excess gas? Check. Mining rigs humming 24/7? Double-check. A hedge against both energy price crashes and inflation? Now we’re talking.

Why This Isn’t Just Another ESG Gimmick

Forget carbon credits—this is about cold, hard hash rate. By converting wasted gas into Bitcoin, Union Jack could bypass traditional financing roadblocks. No more waiting for permits or praying for pipeline approvals. Just plug in, mine, and stack sats while regulators scratch their heads.

The Cynic’s Corner

Let’s be real: If this works, every stranded asset manager from Texas to Turkmenistan will suddenly become a ‘blockchain visionary.’ But for now? Union Jack’s playing 4D chess while competitors stick to checkers.

Can Bitcoin break West Newton’s regulatory logjam?

West Newton’s gas discovery was first announced in 2019 following successful drilling by operator Rathlin Energy. But despite holding billions of cubic feet of recoverable gas, the field remains undeveloped.

The delay is largely attributed to the UK’s fragmented onshore planning framework. While hydrocarbon licensing is issued by the North Sea Transition Authority, onshore drilling and production projects must also pass through a separate LAYER of local council-level approvals.

In the case of West Newton, planning applications have faced public opposition and procedural setbacks, leaving the joint venture in a prolonged holding pattern with no established path to market for its gas.

David Bramhill, Executive Chairman of Union Jack Oil, summarized the frustration: “Regulatory uncertainty has unduly hampered progress and planning challenges have tarnished somewhat the perception of a number of commercially attractive onshore projects, such as West Newton.”

The partnership with 360 Energy is designed to monetize gas that would otherwise remain stranded. By converting it into electricity for on-site mining, the joint venture could unlock revenue from wells deemed economically unviable under traditional development models.

“The relationship with 360 Energy has the potential to enable the Joint Venture partners to realise significant returns from natural gas volumes via wells that would not otherwise contribute to either the early production scheme or the full field development,” the company stated.

A Global Trend Gains Traction in the UK

Union Jack’s pivot mirrors a growing list of energy firms turning to Bitcoin mining as a financial release valve. In North Dakota, ConocoPhillips has diverted excess gas to mining operations rather than flaring it.

Argentina’s Tecpetrol began powering rigs with surplus drilling gas after environmental caps limited venting. And in Canada, AgriFORCE recently launched a 120-rig mining operation fueled by stranded Alberta gas.

If successful, the West Newton pilot could redefine how the UK approaches stalled energy assets. Bitcoin mining wouldn’t replace traditional gas development, but it could serve as a bridge, generating cash FLOW while regulators and developers navigate long-term plans.