Organic-rich fine-grained rocks are key carriers of unconventional oil and gas resources, making it crucial to understand their hydrocarbon generation and evolution characteristics. This study examines the fine-grained rocks of the second member of the Lucaogou Formation (P2l2) in the Tiaohu and Malang Sags of the Santanghu Basin, focusing on how different organic matter (OM) backgrounds - primarily green algae and cyanobacteria - affect hydrocarbon generation and crude oil properties. Kinetic analysis and hydrous pyrolysis experiments on shales rich in green algae, cyanobacteria, and their mixtures revealed that green algae - derived OM requires lower activation energy to initiate hydrocarbon generation, results in an earlier oil generation peak, and has a broader oil window. Conversely, cyanobacteria - derived OM needs higher activation energy to start hydrocarbon generation, has a later oil peak, and a more concentrated generation period. These findings led to two models: the "green algae origin - early hydrocarbon generation - early oil peak - broad oil window model" and the "cyanobacteria origin - late hydrocarbon generation - late oil peak - concentrated oil generation model." Correlation analysis showed that aromatic hydrocarbons, resins, and asphaltenes significantly degrade crude oil quality. Hydrous pyrolysis experiments indicated that the heavy component content (aromatic hydrocarbons + resins + asphaltenes) in liquid hydrocarbons follows the order: residual oil > absorbed oil > expelled oil, with content initially increasing and then decreasing with maturity, and the color change of liquid hydrocarbons in dichloromethane reflects heavy component content changes effectively. Calculations of density and viscosity of liquid hydrocarbons, based on heavy component content and crude oil properties, were compared with the longitudinal distribution of crude oil properties in the study area. Results show that the hydrocarbon generation characteristics of green algae and cyanobacteria control crude oil properties, highlighting significant intra-source differentiation in the P2l2 shale and validates the phase separation approach in hydrous pyrolysis experiments. The P2l2 shale, with its high OM content and substantial hydrocarbon generation, holds great potential for shale oil exploration, but both reservoir quality and crude oil property evolution under different OM backgrounds should be considered when selecting favorable areas.
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