Does it have to be oembed? Hosted videos can be played with just HTML5 without needing the request/response part of oembed since that's mostly for 3rd party sites:
<video width="640" height="480" controls>
<source src="path/myvideo.mp4" type="video/mp4">
<source src="path/myvideo.ogg" type="video/ogg">
Your browser does not support the video tag.
</video>
Just, make sure that you encode things right and with AAC/not MP3 etc.
Unless I'm missing something.

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