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When trying to access an Oracle 12c Database through Excel and Power Query, I received an error stating 

The recommended provider("Oracle.DataAccess.Client") is not installed.  You 
can continue with your current provider, however it has been deprecated and 
may not work correctly.

I went through Microsoft's own guide (https://support.office.com/en-us/article/connect-to-an-oracle-database-power-query-d7fbd231-a705-4eb7-83b3-a66bfb678395?ui=en-US&rs=en-US&ad=US) to install the ODAC. My specs are:

Windows 10 64-Bit
Excel for Office 365 MSO (16.0.11425.20200) 64-bit
Oracle 12c

So, following the microsoft guide, I installed 

64-bit ODAC 12c Release 4 (12.1.0.2.4) Xcopy for Windows x64

(i've also tried releases 1 & 2 and the non-Xcopy versions of each, to no avail). The ODAC 12c Release 4 includes the following:

    64-bit Oracle Data Provider for .NET 4 12.1.0.2.0
    64-bit Oracle Data Provider for .NET 2.0 12.1.0.2.0
    64-bit Oracle Providers for ASP.NET 4 12.1.0.2.0
    64-bit Oracle Providers for ASP.NET 2.0 12.1.0.2.0
    64-bit Oracle Provider for OLE DB 12.1.0.2.0
    64-bit Oracle Services for Microsoft Transaction Server 12.1.0.2.0
    64-bit Oracle Instant Client 12.1.0.2.0

When trying to connect to an Oracle database within Excel I get multiple errors:

First, I Click on 

Data > Get Data > From Database > From Oracle Database

A messagebox/error appears stating

The recommended provider("Oracle.DataAccess.Client") is not installed.  You 
can continue with your current provider, however it has been deprecated and 
may not work correctly.

I'm not sure why this message would appear, when I installed the Microsoft recommended ODAC. Nevertheless, I click 

'OK'

An inputbox appears with title: 

Oracle database

In the Server field I type:

%HOSTNAME%:%PORT%\%SERVICE_NAME%

A new error message appears:

"Unable to Connect"
"We encountered an error while tyring to connect."
Details: "Failed to find or load the registered .Net Framework Data 
Provider.. This is a configuration issue with the file 
'C:\Windows\Microsoft.NET\Framework64\v4.0.30319\Config\machine.config'."

At this point I am unable to continue and cannot connect to the Oracle database. Any and all insight would be greatly appreciated.

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The Oracle Client install is an absolute nightmare. I've wasted so much time on it over the years. I got one machine working using Oracle 11 so I'm trying to hold onto that for as long as possible ...

I suspect the ODAC on it's own is not sufficient, I would try installing the full Oracle Client with Admin option first, then adding the ODAC on top.

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