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The word 'prospection' is correct and can be used in written English.
It means the act of looking ahead or making plans for the future, particularly in a business or financial context. It can also refer to the process of exploring and searching for resources or opportunities. Example: The company's prospection efforts for the upcoming year include expanding into new markets and developing new products.
Dictionary
prospection
noun
The action of looking forward into the future. Formed by analogy with retrospection. Not in common use, but there is some modern use and the OED gives citation back to the 19th and 17th centuries.
Exact(4)
"It is lamentable that the government has approved a Supreme Decree authorising oil and gas prospection in protected areas," Vargas is quoted as saying.
Apart from tungsten in the Aïr region, traces of copper, lignite (a brownish black coal), molybdenum, zinc, phosphates, and titanium have been found and are the subject of further prospection.
The husband-and-wife team of Nicola Clayton and Nathan Emery, who are largely responsible for this work, argue that it shows some birds have "the same cognitive tool kit" that apes have: "causal reasoning, flexibility, imagination, and prospection".
This is why there is nothing absurd in speaking about the narrative unity of a life, under the sign of narratives that teach us how to articulate retrospection and prospection in a narrative way" (Oneself as Another, 163, translation modified).
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com