* Shell payment follows sanctions lifting
* Move could lead to new Shell investments in Iran (Adds quotes, background)
By Ron Bousso
LONDON, March 7 (Reuters) - Royal Dutch Shell haspaid 1.77 billion euros ($1.94 billion) it owed the NationalIranian Oil Company, settling debts after sanctions against thecountry were lifted in January.
The outstanding debt to Iran was a result of Iranian oildeliveries which Shell had been unable to pay for due tosanctions that were imposed on the country over its nuclearprogramme.
The Anglo-Dutch company resumed talks with Tehran on thedebt after most Western sanctions were lifted in January as partof a deal with world powers. The payments were made over thepast three weeks in euros as dollar transactions are still underU.S. sanctions.
"Following the lifting of applicable EU and U.S sanctions,we can confirm that payment of the outstanding Shell debt toNIOC has now been made," a Shell spokesman said in a statement.
The debt repayment could lead Shell to make new investmentsin the resource-rich country that hopes to revive an oil and gasindustry that shrivelled under sanctions.
"We remain interested in exploring the role Shell can playin developing Iran's energy potential within the boundaries ofapplicable laws," the spokesman said.
Western sanctions cut Iran's oil exports by more than halfto around 1.1 million barrels per day from a pre-2012 level of2.5 million bpd. The Islamic Republic holds the world's largestgas reserves and fourth-largest proven oil reserves.
Tehran has said it would boost output immediately by 500,000bpd and by another 500,000 bpd within a year, ultimatelyreaching pre-sanction production levels of around 4 million bpdseen in 2010-2011.
The country has indicated it wants billions it is owed byforeign oil companies and governments paid in euros.
U.S. officials estimate about $100 billion (69 billionpound) of Iranian assets were frozen abroad, around half ofwhich Tehran could access as a result of sanctions relief. It isnot clear how much of those funds are oil dues that Iran wouldwant back in euros. ($1 = 0.9109 euros) (Reporting by Ron Bousso, editing by David Evans and SusanThomas)
