That is not oil. Methane Hydrates are pure natural gas traped inside a latice of ice. There have been limited attempts to produce them on the North Slope. But with the successful production of the shale gas fields, they do not compete economically with gas from the lower 48.
These are typically found at the bottom edge of the permafrost in this area. BP has completed a production test; ConocoPhillips have done one as well. They were at least partially funded by us taxpayers on a government program.