After a difficult period following the Gulf spill, oil exploration and drilling in the region has started to increase significantly.
For pros such as Jim Cramer, word of increased business activity immediately triggers a search for related stock opportunities.
After consulting with top energy trader Dan Dicker, a Fast Money favorite and Cramer colleague at TheStreet.com, the Mad Money host presented the following stocks as plays on the energy renaissance in the Gulf of Mexico.
"The oil spill is a thing of the past for BP and as the company comes out of that difficult period I think the stock can go higher due to strength in its high-margin Gulf of Mexico production assets," Cramer said.
Also Cramer sees the potential for increased drilling. "Since the beginning of 2011, BP has deployed eight new rigs to the area, and the company's looking to raise that to 10 rigs down the road in order to accelerate their drilling program."
However, an increase in production isn't the only catalyst. Cramer sees something else.
"Once we get a settlement on the Gulf spill, the stock could advance sharply," Cramer explained. "BP has already set aside $41 billion for damages, so if the actual settlement turns out to be anything less than that, it's pure upside from Wall Street's perspective."