I wonder if just buying crude oil and burying it isn't more cost effective than transporting bulky biomass which could have been fed to animals in order to put it through this complicated process of converting it to oil and burying it.
You can buy oil and pump it back in the ground, but now you still need to solve the farming problem.
That and it would do nothing to remove CO2 or Methane from the atmosphere, so even the process of getting the oil to bury would be carbon positive in the first place.