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The phrase "extracting oil" is grammatically correct and is commonly used in written English.
It describes the process of removing oil from its source, such as drilling into the ground or filtering it from plants. Example: "The company's main source of income was extracting oil from the rich reserves found deep in the ocean."
Exact(60)
Solvent extraction was used for extracting oil from this algae powder.
The industry has made astonishing technological progress in extracting oil, and almost none in making extraction safe.
The entire process adds up to the world's most capital-intensive method for extracting oil.
Extracting oil from these substances is, however, very expensive and energy-intensive.
They may ask what it means to "accept the hazards" that come from extracting oil.
But producers in existing fields have found new and cheaper ways of extracting oil.
Extracting oil from Alberta's oil sands does indeed cause environmental problems.
They do most of the heavy lifting involved in finding and extracting oil and gas.
The third group carries out most of the tasks involved in finding and extracting oil.
Extracting oil at such depths is both a technical and financial challenge.
It's a bit like extracting oil from sand: the yield seems pointlessly low, until there's no oil anywhere else.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com