It seems like there is more oil under water because there is. Water covers the majority of the earth, and the ocean floor provides an ideal habitat for oil to form. Oil is formed when old bits of algae, plankton, and organisms are stored underneath the earth and put under immense quantities of pressure and heat for millions of years. The plates on the ocean floor push dead organisms under eachother when they move, and since the ocean floor naturally has a lot of pressure, there are a lot of pockets of oil under water. A lot of the oil that can be gotten to on land is being tapped, but there are still a lot of reserves in the oceans. Whether or not we should try to extract this oil is up for a lot of debate, but the fact is that it is there.
Pressure from present-day ocean water has nothing to do with oil formation. And the fact that the oceans cover more area than land is also irrelevant; only small marginal areas of the oceans contain (or can contain) oil. In fact there is far more oil known on land than on the continental shelves beneath oceans.
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