Answer:
The formation of petroleum takes place because of various chemical reactions, which take place to the substances that were once living. In the majority of the cases, the formation of liquid petroleum takes place from the algae and zooplankton, which get settled to the bottom of the lake or sea, and was then got buried underneath the sediments.
The sediment makes sure that no oxygen could reach the dead and decaying organic matter, and thus, the stage gets set for the production of oil. In the majority of the cases, the organic matter goes via many modifications, which take millions of years. The sediments continue to pile over each other and enhance the pressure on the organic matter, this leads to the formation of natural gas and liquid petroleum.
Thus, the sentence, that is, "In such conditions, oxygen was available in abundance" is the incorrect one.