Years ago I read in an article in which an man said that if you dig a hole deep enough, you can find oil anywhere. I'm sorry I don't remember the man's name, but this is an interesting article, and it seems to match the man's theory somewhat.
He's probably right, the problem is how deep and what kind of oil.
The problem is the middle east has light sweet crude practically bubbling up out of the ground.
This makes it commercially unfeasable to make a Journey to the Center of the Earth with the hopes of scoring some sour crude that has to be heated to 200deg F just to flow.
You are thinking of Professor Emiritus of Astrophysics, Thomas Gold. For a summary of his views see:
http://www.wired.com/wired/archive/8.07/gold_pr.html
Or do a Google search on Thomas, Gold, Hydrocarbons, and Biosphere.
I remember, that Deep Hot Bioshpere, Thomas Gold, a British physicist postulated the same theory and he drilled in Sweden ??? during the late 80s- early 90s...I presume, he was unsuccessful