Absolutely, with room to move around. It is long enough for the fish to swim, deep enough for him to manoeuvre without problems, and these are the most important elements. The tank is short, but height is the least important of the dimensions.
I do not recommend other cichlids with your Oscar - it raises stress levels in the tank and puts all the cichlids in an unnatural situation - being forced to share a territory with other territorial creatures. And once you get into cichlids that do work with them, you are looking at too many big fish in the tank, and this will lead to water quality issues even if it doesn't lead to aggression issues, which it usually will.
Oscars are not all that aggressive for cichlids and will usually ignore anything that is not territorial or small enough to be food. A school of silver dollars or other large, peaceful schooling fish like this tends to work well. Notice how SD's are disc shaped, so they won't be mistaken for food. Torpedo shaped fish are easier for an Oscar to fit in his mouth.
A single pleco is also very commonly kept with an Oscar and is fine as long as water quality is maintained - once you have an adult oscar and an adult pleco in the same tank, keeping the water pristine will take more work.
Large bottom dwellers like clown loaches, bala sharks, and large catfish do work, but when we consider that they get really big and need groups, it's just not a good idea in a tank this size - if anything, water volume is lacking so water quality becomes an issue more than space.