Any time the deep sea oil tries to generate a non-recoverable error shows up. This is the error:

Error while running event cargo-ships::on_chunk_generated (ID 12)
Unknown entity name: deep_oil
stack traceback:
cargo-ships/control.lua:309: in function <cargo-ships/control.lua:258>
stack traceback:
[C]: in function 'create_entity'
cargo-ships/control.lua:309: in function <cargo-ships/control.lua:258>

So if there could at least be an option to disable deep sea oil, that would be great.
P.S. Hope this is okay just because I mislabeled the same post

there is an option: you can set the frequency of deep sea oil spawns to zero, and no oil will spawn. This was specifically added for cases like this one, were some other mod deletes the deep_oil resource.