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Why has the project been re-opened
The project probably expired without the owner selecting a winner. This can be for many reasons and is obviously at the discretion of the project owner.
If a project does expire without a winner being selected then they have the facility to re-open the project at a later date, however the original bids are still displayed with the project. This is so the project owner does not open and close the project to clear previously submitted bids.
Generally, if this project owner has re-opened the project then they are serious about having it completed. If you are still interested in working on the project re-submit your bid, perhaps with more details to show that you have a complete understanding of the project requirements. Re-submitting your bid will also send an email notice to the project owner that his project has been bidded on again and to look at the submission.
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