Japan Oil, Gas and Metals National Corp. said Thursday that it has accepted a Japanese joint venture's decision to exit from an energy exploration project in an offshore block in Denmark's Faroe territory.

Cieco E&P (Faroe) Ltd., 80% owned by Itochu Corp. (8001.TO) and 20% by unlisted refiner Taiyo Oil Co., has quit the 005 block as it deems the block's reserves to be insufficient to justify commercial development, Jogmec said in a statement.

State-backed Jogmec said it has invested about 11 million pounds, or Y1.5 billion, in the project so far.

Cieco owned a 12.5% stake in the block. Prior to Cieco's exit, ENI Denmark BV owned 25% as the operator while the rest was held by four other companies.

Jogmec didn't mention the status of other stake holders regarding the block's exploration.

-By Mari Iwata, Dow Jones Newswires; 813-6269-2798; mari.iwata@dowjones.com

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