I have this feeling that the Black Goo is composed of a bunch of nano-robots. Its not biological.
I also think that the purpose of the black goo is to turn its victims into Alien embryo carriers.
Examples:
Black goo infects worm and it turns into a Hammerpede (It was originally designed to look like a facehugger). The Hammerpede went into the biologists mouth when it slipped into his suit most likely to lay an Alien egg.
Black goo infects plants and it produces embryo spores to produce Neomorphs.
Black goo infects Shaw's BF's sperm and it turns into a Trilobite which lays an egg into the Engineer.
I believe Fifield is an Embryo carrier. If he wasn't stopped, he would've impregnated one of the crew members.