Did the Azolla event create significant hydrocarbon deposits in the Arctic?

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Much of the current interest in oil exploration in the Arctic regions is directed towards the Azolla deposits^{[citation needed]}. The burial of large amounts of organic material provides the source rock for oil, so given the right thermal history, the preserved Azolla blooms might have been converted to oil or gas.^[10] A research team has been set up in the Netherlands devoted to Azolla.^[11]

https://en.wikipedia.org/wiki/Azolla_event#Economic_considerations

13 hours ago, Nod2003 said:

Did the Azolla event create significant hydrocarbon deposits in the Arctic?

That's correct I think.

 As the Azolla fern sank to the stagnant sea floor, they were incorporated into the sediment; the resulting draw-down of carbon dioxide has been speculated to have helped transform the planet from a "greenhouse Earth" state, hot enough for turtles and palm trees to prosper at the poles, to the icehouse Earth it has been since.https://en.wikipedia.org/wiki/Azolla_event