I have successfully set this up before. The only thing you need to make sure of is that the bucket is treated as secure and critical, you don’t want people to mess with it, or put policies that archive the objects onto it.
In terms of getting it to work, Using Instance Principals and Dynamic Groups is one way to enable this to work. https://docs.cloud.oracle.com/en-us/iaas/Content/Identity/Tasks/callingservicesfrominstances.htm?Highlight=instance%20principals
Another way would be for it to use a service gateway. I have not tested this method: https://docs.cloud.oracle.com/en-us/iaas/Content/Network/Tasks/servicegateway.htm?Highlight=service%20gateway.