What is the name of the process where new oceanic crust is formed?
Ocean-floor spreading happens when volcanic and earthquake activity occurs at the mid-ocean ridges. Lava from rift valley runs through the ridge. The lava will then wells up and hardens, causing the ocean floor to be pushed away from either side of the ridge. The hardened lava forms new ocean floor. On the other hand, the older ocean floor that is pushed away from the ridge will be pushed down into the trenches of the earth, through the process called subduction.
That black arrow is the direction where the seafloor spreads: