Uh No
The slow down in exploration has had a lot to do with low oil prices until the recent past. Oil prices on an inflation adjusted basis have been dropping while holding steady at about $20/barrel for years. That leads to low margins. We have put off the end of oil through better recovery of existing sources, but that involves marginal investments compared to opening up new fields. I suspect we have found most of the existing sources, but would not claim that based on a lack of recent discoveries.