Yes, it is possible and also it works well. There are some inventions how to recultivate oil polluted soil and fields. My father in law was a microbiologist with several patents. He used Nocardia spp. https://en.wikipedia.org/wiki/Nocardia cultures mixing them with the soil and after 1-2 years Nocardoias fed the oil residues and the fields were apt for corn production.
I don't have much knowledge about the processes involved but I think yes its possible because nature has all the recycling processes, oils and petrolium extracts are also products of nature, the only problem is that we humans are interfering those processes of nature.