A Chevron gas station sign is shown in Cardiff, California, in this January 25, 2016 file photo. REUTERS/Mike Blake
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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. 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's coast.BP has knocked more than half the cost off its Mad Dog Phase 2 project.Like BP, Chevron estimates it has been able to bring costs down far enough to make the investment viable.Eni CEO Claudio Descalzi said in April he is " practically sure" the company will make a final investment decision this year.
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