A consultant recommended a similar approach with a geo-technical fabric that was supposed to hold both water and oil for four installations in 1998 - 2000.
It seemed like a good idea since the sub-surface pit meant nothing to climb over to work on the transformer controls, do inspections, and so forth.
The installations were provided with a manually operated sump pump that we were to operate when ever necessary to remove rain water.
Each manual draining operation was required to be logged.
Three out of four never held any water, so we assumed they would not hold oil either.
We have replaced all of them with surface concrete containment structures using SEEwater Pumps for removing rainwater.
I suspect the contractors installation of the fabric to be suspect, even though the fabric manufacturer's representative visited the job sites and approved the work.