The Lower Jurassic Água de Madeiros (AM Fm) and Vale das Fontes (VF Fm) Formations, and the Upper Jurassic Cabaços Formation (Cab Fm) are considered the most important units with petroleum source-rock potential in the Lusitanian Basin, and the likely sources for its widespread hydrocarbon occurrences. Nonetheless, the bottom-water redox conditions during their deposition remain debatable. To resolve this controversy, we investigated whole-rock inorganic geochemical data of the most significant organic-rich levels of the AM, VF and Cab Fms cropping out at basin scale. Significant variations in TOC, TS and redox-sensitive elements contents and their ratios are evident within and between the organic-rich levels of the studied units. A positive covariation between primary productivity proxies, TOC enrichment and paleo-redox proxies for the Lower Jurassic units clearly suggest an interdependence between enhanced primary productivity, organic matter accumulation and bottom-water redox conditions. For the AM Fm, the paleo-redox proxies indicate that the black shales deposition took place beneath bottom-waters that ranged from suboxic to strongly euxinic conditions, with a clear predominance of the latter. A TOC threshold of ~6–7 wt% clearly separates samples deposited under suboxic to anoxic conditions from those deposited under true euxinic conditions, and is interpreted as the minimum amount of organic matter (OM) accumulation within sediments required to sustain H2S production at rates that outpaced its consumption through precipitation of sulphides and/or OM sulphurization, allowing the diffusion of H2S to the bottom-waters. For the Vale das Fontes Fm, the paleo-redox proxies suggest a prevalence of suboxic to anoxic bottom-waters, despite all black shales displaying TOC contents greater than the above threshold. The less reducing conditions relative to the AM Fm euxinic black shales are attributed to: i) a larger proportion of continental OM; ii) lower reactivity of the OM reaching the sediment-water interface (decreasing oxygen consumption); and iii) higher availability of reactive iron (increasing the buffer effect to H2S produced through OM remineralization by sulphate-reducing bacteria). Both units display Mo-EF vs U-EF covariation patterns that deviate from the field of sediments deposited under unrestricted open-marine conditions, towards higher Mo enrichment relative to that of U, indicating an accelerated transport of aqueous Mo to the sediments, consistent with the operation of a metal-oxyhydroxide particulate shuttle linked to Mn and Fe redox cycling within the water column in a weakly-restricted basin. The Mo-COT regression-line slope indicates a moderate degree of bottom-water mass restriction, with [Mo]aq concentration of ~60–70% of the present-day seawater value and bottom-water renewal times of ~10–20 years, akin to the present-day Cariaco Basin. The redox conditions of the Cab Fm organic-rich levels are dependent on the location of the depositional environment in the basin, with deposition taking place beneath oxygenated bottom-waters at Cabo Mondego, and under suboxic conditions at Vale de Ventos and Pedrógão, the latter denoting a larger degree of oxygen depletion than the former. In this context, the overall potential for OM preservation should increase from Cabo Mondego to Vale de Ventos and Pedrógão.
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