I don't fully understand you so I'm going to assume you meant a sequestration process that captures CO2 as bio oil. If we capture existing CO2 and then burn it

I don't fully understand you so I'm going to assume you meant a sequestration process that captures CO2 as bio oil. If we capture existing CO2 and then burn it again to produce CO2, that's just re-circulation (from an ecological pov; pollution is a different story). Growing new crops to then burn it very likely adds new CO2 - not per se, but because these crops would/could only replace existing crops - which simply moves elsewhere or trees/forestland and not result in afforestation. Also, if our goal is reduce the CO2 in the atmosphere, not just keep the balance, we need permanent sequestration.