Carbon sequestration/oil production idea?

This may sound like a crazy idea, but do you think it would be possible to make some sort of a biomass injection that is injected into the ground in a mineral deposit, for the intended purpose of creating oil? This is how oil was created originally, was it not? If we drill a very deep well, and let it settle for oh, say 100 million years or so, we can then harvest our own, home brew oil. This would have the added advantage of sequestering carbon in the short term, removing the overall quantity of carbon in cycle. Especially if we do this for things that were planning on being burned, this could have a substantial impact. Has anyone heard of anything like this? Overall thoughts?

The process of hydrothermal carbonization (htc) is very similar to the natural oil making process. Heat and pressurize biomass and you get biocoal that can be applied as agricultural biochar or further processed into fuels. Here's a thread on HTC, https://permies.com/t/6949/alternative-energy/hydrothermal-carbonization