India's state-owned Oil and Natural Gas Corporation (ONGC) plans to invest $200 million to revive production at the San Cristobal oilfield in Venezuela. The company aims to boost output from the current 4,000-5,000 barrels per day (bpd) to an ultimate peak of up to 50,000 bpd in the coming years. ONGC, which holds a 40% stake in the field alongside Venezuelan state oil firm PDVSA, secured a license from the U.S. Office of Foreign Assets Control (OFAC) earlier this month to resume operations in the country.