So, Union Jack Oil thinks they can turn their gas into Bitcoin hashrate? Sounds like a plot twist in a movie where I play a sarcastic tech-savvy oil executive. 🎬✨
- Union Jack Oil is like, “Hey, what if we just skip the whole ‘getting approval’ thing and mine some Bitcoin instead?”
- They’ve got a non-binding deal with 360 Energy to set up modular data centers that run on the gas from the WNA-2 well. It’s like a high-tech version of a lemonade stand, but instead of lemons, they’re using gas. 🍋💡
In a recent update, Union Jack Oil, the UK’s favorite energy company (or so they say), announced a preliminary agreement with Texas-based 360 Energy. The plan? To mine Bitcoin at their West Newton gas field. Because why not, right? 🤷♀️
This non-binding deal involves deploying modular data centers powered by the gas from the WNA-2 well. No pipelines needed, which is great because who has time for those anyway? If everything goes according to plan, this pilot project could expand to cover the entire 200 billion cubic feet of gas that’s currently just sitting there, waiting for someone to do something with it. 🙄
Can Bitcoin Break West Newton’s Regulatory Logjam?
West Newton’s gas was discovered back in 2019, but it’s been stuck in a bureaucratic purgatory ever since. You know how sometimes you just want to get something done, but there are so many steps and forms and meetings? That’s what’s happening here. 📝🔍
The UK’s onshore planning framework is a bit of a mess. While the North Sea Transition Authority handles the licensing, local councils get the final say on drilling and production. This has led to public opposition and procedural setbacks, leaving the joint venture in a holding pattern. 🏃♀️♂️🚫
David Bramhill, Executive Chairman of Union Jack Oil, put it bluntly: “Regulatory uncertainty has unduly hampered progress and planning challenges have tarnished the perception of onshore projects like West Newton.”
The partnership with 360 Energy is a clever workaround. By converting the stranded gas into electricity for Bitcoin mining, they can start making money from resources that would otherwise go to waste. It’s like finding a way to sell the air you breathe. 💸💨
“This deal with 360 Energy could help the Joint Venture partners realize significant returns from natural gas volumes via wells that would not otherwise contribute to the early production scheme or the full field development,” the company stated. 📈🔥
A Global Trend Gains Traction in the UK
Union Jack isn’t the only one getting creative. Other energy firms around the world are also turning to Bitcoin mining as a way to make money from stranded assets. In North Dakota, ConocoPhillips is using excess gas to power mining operations instead of just burning it off. 🌲🚫🔥
Argentina’s Tecpetrol is doing something similar, and in Canada, AgriFORCE has launched a massive mining operation fueled by Alberta’s stranded gas. It’s like a global trend, and the UK is finally catching up. 🌍🌟
If the West Newton pilot is successful, it could change how the UK deals with stalled energy projects. Bitcoin mining won’t replace traditional gas development, but it could provide a much-needed cash flow while everyone figures out the long-term plan. 🕵️♀️💰💡
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2025-08-08 00:10