That’s your bass and you can certainly treat it however you want, but that is WAY too much oil, in my opinion.
Use maybe a single drop between every fret, rub it in, wait a few minutes and rub any excess off with a dry, lint-free cloth.
If it’s super thirsty, maybe do that one more time - but the amount of oil I’m seeing on that fingerboard is enough to oil about 20 basses.
Like I said, do whatever you want, but you’re putting yourself at risk for a problematic refret or repair, should you ever need it.