Drilling begins with exploring the oil under the ocean. The survey boat fires sounds waves which reflect off the various layers of the ground underneath the sea bed and echo back to the survey boat. The survey boat's high tech computers are able to turn these reflected sound waves into an image showing the various features of the earth directly below.
Geologists according to the waves identify oil by looking at these images to see if there are any areas where oil might be present. Through the recent technology development the survey boats are able to create 3-D images of the ground which helps for the geologists to identify the oil deposits.
Source: http://www.treesfullofmoney.com/?p=1610
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