In general, yes, as this rapidly removes much of the oil from the water column. The results of combustion are CO2 and water, as well as soot and partially-burned hydrocarbons. The amount of light elements on the surface and mixed into the water column are reduced, though there may still be substantial seafloor contamination from heavier components or partially-combusted material which sinks.

From the videos I've seen, I'd suspect a fair amount of natural gas in the leak, which is typical of at least some oil fields in the area. More so near Trinidad and Tobago, which is not exactly close to the field in question.