There have been several projects looking into this. The thing is, for the moment, the time and effort involved are not good enough for commercial grade production of petroleum. Now. Of course 25 years ago only the chip producers thought they could break the gigahertz rating on processors.
Time, and work will tell. If I was a petroleum company, I'd be quietly investing in it. This would be my way to give Opec the finger and find a way to break free of the money drain.