New Delhi, July 27 - ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corp (ONGC), has submitted a proposal to Iranian authorities for developing a gas field in that country, the government said Monday.

Petroleum and Natural Gas Minister Murli Deora told parliament that the oil giant had submitted the master development plan for the Farzad-B gas field to the Iranian Offshore Oil Co.

The amount of investment will depend on the approval by Iranian authorities, the minister said.

Deora added that while the US has put sanctions on foreign investments in Iran, India's policy is opposed to sanctions against any country.

'It believes that all outstanding issues with Iran should be resolved peacefully through dialogue and negotiation,' the minister said.