Oblivious Encryption: Oblivious Transfer Based Encryption
If your goal is to let Alice to securely send a message to Bob (in the presence of a passive eavesdropper), then it achieves this goal. It is not secure if the adversary is active.

Potentially you can use OT extension (if random oracle model is acceptable) instead of OT to improve efficiency, if Alice and Bob needs to communicate multiple times. Basically OT extension uses a small number of base OT invocations (involving public key operations) to bootstrap, then you can invoke symmetric key based OT functionality many times. Some References:


Yuval Ishai, Joe Kilian, Kobbi Nissim, Erez Petrank:
Extending Oblivious Transfers Efficiently. CRYPTO 2003
Gilad Asharov and Yehuda Lindell and Thomas Schneider and Michael Zohner, More Efficient Oblivious Transfer and Extensions for Faster Secure Computation, CCS13
Vladimir Kolesnikov, Ranjit Kumaresan:
Improved OT Extension for Transferring Short Secrets. CRYPTO 2013
Marcel Keller, Emmanuela Orsini, Peter Scholl:
Actively Secure OT Extension with Optimal Overhead. CRYPTO 2015
Arpita Patra, Pratik Sarkar, Ajith Suresh:
Fast Actively Secure OT Extension for Short Secrets. NDSS 2017


That's said, your protocol is not quite efficient (for achieving the goal) and there are easier and better ways of doing that (e.g. just do a key exchange and encrypt the message with the session key).