Looks like it has been sealed in the not to distant past. I think it depends on all the circumstances your dealing with. Budget, use (home/business), do you want to do it or have it professionally done? (estimates are usually free and you can get valuable information when someone is looking at it.)
I wouldn't consider re-toping, or "over lay", without fixing the "gatoring" visible in the 1st photo. That means the base has failed. Usually in time, an over lay will mirror cracks from the surface below. Add water and vehicles or other weight and you get constant hydraulic action under the asphalt that leads to deterioration. Base gets soft, the asphalt "gators" (lots of small radial cracks)
Sealcoat is not a crack filler, might work for a short time, but it isn't designed to seal cracks. There are crack sealers you put down first after cleaning out the cracks, preferably using compressed air.
The cleaner the surface is, the better the adhesion. For oil spots you can clean off what you can and use a primer available just for that.
Adding sand to the mix is what we do, most dont to save $$ and wear and tear on their pumps, but sand adds longevity and strength, combined with the emulsion and the binders. Sand also helps the longevity by giving a "second" surface for vehicle traffic. This leaves a texture like 80 grit sandpaper.
If you have time, you can visit a sealcoat supplier and they will give you tons of info, if you want to do it the best way possible. "Gem seal" and "Sealmaster" are 2 large company's. I have used both. I believe in your neck of the woods "coal tar emulsion" is popular and a strong product.
There is a Sealmaster in Indianapolis.
SealMaster® Locations : The Largest Pavement Contractor Service Network
GemSeal - Producer of Pavement Products including Pavement Sealers, Pavement Patching, Primers, Filling Materials
OR, you can get some buckets at a box store and do it , but learn what you can from the net. It isn't cheap and there are good ways and not so good, just depends on what level of protection you want to go for.