'petroleum discovery' is correct and usable in written English.
You can use it to refer to the act of finding petroleum deposits underground. For example: "The petroleum discovery in the Middle East has been a game-changer for the region."
The CVM has not revealed what specific events led to either inquiry, but OGX frequently announced major petroleum discoveries that subsequently proved to be economically unviable.
In modern times the Arabian Peninsula's growing importance to the rest of the world, resulting primarily from the petroleum discoveries of the 20th century, led to increased contacts with the West.
By the end of 2010, its share price had more than tripled from the debut price, as OGX announced petroleum discoveries and foreign investors sought a piece of Brazil.
An early indication was that petroleum discoveries were always associated with ancient beds of sedimentary rock -- the kind that forms when debris rains down through water for ages and slowly grows into thick seabed layers.
Brazil's securities and exchange commission, known as the CVM, is also investigating whether OGX, which frequently announced major petroleum discoveries that subsequently turned out to be not viable, may have tried to manipulate its stock market price.
The East African Rift petroleum discoveries are characterized by the continuous flow of hydrocarbons and its short-term residence in local traps.
After half a century's exploitation in major oilfields across the world, shallow petroleum discoveries tend to be falling sharply (Simmons 2002).
Gulf Keystone Petroleum, an oil explorer beloved of small investors, released an upbeat update on an Iraqi oil discovery, but even that was not enough to avoid the rout.
