Back when I was a paramedic, Saran Wrap or thin flexible foil was used. Never heard of petroleum being used (I assume you mean petroleum jelly, like Vasoline). Have patient exhale as forcefully as they can, slap your Saran Warp patch in place as they're fully exhaled, tape it down on all four sides (have the tape pre-applied to the patch). Then as the patient exhales again later, release one side and tuck the tape under so it is left open. The fourth side being left untaped acts as a valve - as they inhale that side is sucked down, as they exhale air can be forced out of the open side. You initially tape all four sides down so that you can get the patch on quickly, without fiddling with an open side, during the initial exhale so that you can exclude as much air from the chest cavity as possible. Open this fourth side as a valve later, at a more leisurely pace.

At least this was the training decades ago when I was an ambulance attendant. I never actually ran into a sucking chest wound during my entire career.

If you have zero supplies, seal the hole with the palm of your hand, again, applying your hand after they forcefully exhale. But then you're kind of stuck in that position until help arrives or some Saran Wrap and tape magically falls out of the sky.