This study focuses on the PS8 well in the Penglai Gas Field (Sichuan Basin), a newly identified key exploration area, where high-yield gas testing has been achieved from the Ediacaran Fourth Member of the Dengying Formation. Comprehensive analyses of drilling cores, cuttings, thin sections, analytical data, well logging, and production testing data were conducted to investigate the main characteristics of the gas reservoir and the factors controlling the formation model of the reservoir. The results reveal that the reservoir rocks in the Fourth Member of the Dengying Formation are primarily algal-clotted dolomite, algal-laminated dolomite, and arenaceous dolomite. The reservoir porosity is dominated by secondary pores, such as algal-bonded framework pores, intergranular dissolved pores, and intercrystalline dissolved pores, which contribute to the overall low porosity and extremely low permeability. The gas reservoir is classified as a unified structural–lithological reservoir, with the upper sub-member of the Fourth Member serving as a completely gas-bearing unit. This unit is characterized as an ultra-deep, dry gas reservoir with medium sulfur and medium CO2 contents. The development of this gas reservoir follows a “laterally generated and laterally stored, upper generation and lower storage” reservoir formation model. Regional unconformities and fracture systems developed during the Tongwan II Episode tectonic movement provide efficient pathways for hydrocarbon migration and accumulation. The high-quality source rocks in the lower Cambrian Qiongzhusi Formation serve as both the direct cap rock and lateral seal of the gas reservoir, creating an optimal source–reservoir spatial configuration. This study provides valuable insights into the giant gas reservoir of the Dengying Formation, which can aid in optimizing exploration activities in the Sichuan Basin.
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