"Oil discovery" refers to the process of finding previously unknown reserves of oil beneath the Earth's surface. It implies the identification of new sources of oil that can be extracted and used for various purposes. Full definition
In 1922 one of the most dramatic oil discoveries in history took place here. (discovermagazine.com)
The «peak oil» school, which has argued that we have passed the peak of oil discovery and are now in permanent decline, has been proved wrong. (firstthings.com)
But supply remains relatively fixed — new oil discoveries are fewer and far between in modern times, and that which we do find is often harder and more expensive to get. (treehugger.com)