Leading UK oil and gas companies Union Jack Oil and Reabold Resources have signed an agreement with Texas-based 360 Energy to deploy mining facilities at the West Newton gas field.
Signing of the Agreement
On August 7, 2025, a non-binding agreement was announced between Union Jack Oil and Reabold Resources with 360 Energy to deploy mining facilities utilizing on-site natural gas. This is seen as a step that may attract new revenue sources for the joint venture.
Reduction of Methane Emissions
Notably, this innovative solution proposes to utilize stranded gas, which was previously underutilized or flared, for electricity generation. The project aims to reduce methane emissions, aligning with sustainability goals. A 2023 National Renewable Energy Laboratory study indicates that using stranded gas for crypto mining can reduce methane emissions by up to 40% compared to traditional flaring.
Market Prospects and Impact
The partnership with 360 Energy can set a precedent for other oil and gas firms globally, particularly in regions with excess gas production. As cryptocurrency markets evolve, such initiatives may redefine energy usage, bridging traditional industries with cutting-edge technology.
Thus, the collaboration between Union Jack Oil and Reabold Resources with 360 Energy opens new horizons in the world of crypto mining and showcases the potential for implementing eco-friendly practices in traditional economic sectors.
