Amerada Hess, Will Move Cautiously Into Its Alaska Drilling Program According To The Co. President

AMERADA HESS Board Chairman, LEON HESS, said in New York today that his company will move ahead as fast as sensible and practical in its drilling program on the leases the company acquired in yesterday's sale.

Mr. Hess noted that on Tuesday, Amerada purchased a 3% interest in the proposed Trans Alaskan Pipeline. He said, group plans to begin work on the leases soon, but be noted that "we can't take the oil out of Alaska until the pipeline is completed in late 1972 or early 1973".

The Board chairman said, Amerada plans on taking its oil from Alaska in large ships to the Virgin Islands where the capacity of its 200,000 b/d refinery will be doubled by the end of next year. In addition to the oil refinery, Amerada will also operate a Petrochemical complex. The Amereada group offered the high bid on numerous tracts, among them, tract #57, which is the closest to the Prudhoe Bay discovery well.