(Bloomberg) - Two projects worth $45 billion announced this month show the world’s largest oil companies are regaining the confidence to make big investments, emboldened by rising crude prices and low costs that promise to trigger more expansion ahead.

Chevron Corp. gave the go-ahead to a $37 billion expansion in Kazakhstan, the industry’s biggest undertaking since crude started tumbling two years ago. BP Plc signed off on the $8 billion expansion of a liquefied natural gas plant in Indonesia. Two more big projects are likely to get a green light this year, according to industry consulting firm Wood Mackenzie Ltd. and Jefferies International Ltd. -- BP’s Mad Dog Phase 2 in the Gulf of Mexico and Eni SpA’s Coral LNG development off Mozambique.

Crude’s recovery from a 12-year low and a decline in project expenses have emboldened executives to start spending again after cutting more than $1 trillion in planned investments amid sinking earnings. While protecting balance sheets is important, explorers need to at least begin a new phase of investment in exploration and production to ensure future growth.

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If you've got a $45 billion project, or even a $1 billion project, you're betting on prices years, even decades into the future.

$45 billion against a $1 trillion cut in investment is good news, but just a drop in the bucket.

And some projects - at least 4.5% of them I would guess- will pay out even if oil's at $20.

So I'm not seeing much upside and optimism in this, unless you're one of the thousands of guys who will be working on these particular projects. Congrats to them.