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Pyrolysis oil, sometimes also known as biocrude or bio-oil, is a synthetic fuel under investigation as substitute for petroleum. It is obtained by heating dried biomass without oxygen in a reactor at a temperature of about 500 °C with subsequent cooling. Pyrolytic oil (or bio-oil) is a kind of tar and normally contains levels of oxygen too high to be considered a hydrocarbon. This high oxygen content results in non-volatility, corrosiveness, immiscibility with fossil fuels, thermal instability, and a tendency to polymerize when exposed to air. As such, it is distinctly different from petroleum products. Removing oxygen from bio-oil or nitrogen from algal bio-oil is called upgrading.
Source: Wikipedia - Pyrolysis oil