What is the difference between exploration and prospecting?

 Exploration is finding something existed for sure, while Prospecting is drilling to try to find a tank while there is no assurance to find any thing.

In exploration we use the term prospect for confirmed structure and/or stratigraphic trap (by at least two seismic lines) this prospect be was tested before by drilled wells and the term lead for unconfirmed  structure and/or stratigraphic trap (only one seismic line)...I hope you get the idea. 

You are right about exploration Rahaf ,while prospecting is seeking any potential or evidence for occurence of minerals or oil /gas.

Prospecting done at the large area and indirect methods i.e. Geophysics and Geo chemistry used predominantly.

while exploration done in a target generated from prospecting and exploration drilling and ground and down hole geophysics are prominent methods. 

1.Exploration precedes prospecting and prospecting followed exploration. 2.Exploration to see probability of presence and prospecting to make sure that there is a definite. 3.Exploration by geophysical method and prospecting by drilling.

Prospecting is a method in which exploration can use .

Prospect : View

Exploration: Examination