Saline lacustrine fine-grained rocks are important hydrocarbon source rocks and host large shale oil accumulations worldwide. However, the specific process and mechanism of hydrocarbon generation and accumulation in such rocks are not clear. Sequential extraction is a method to chemically separate different hydrocarbon fractions in sedimentary rocks, commonly as free, adsorbed and retained hydrocarbons, and thus can theoretically record the entire process of hydrocarbon generation and accumulation. To test this hypothesis, here sequential extraction was carried out on source rock samples with varying maturities from the alkaline lacustrine strata of the Lower Permian Fengcheng Formation, Mahu Sag, Junggar Basin, northwest China. The 17β-ethylandrostane/C29-sterane ααα20R and tricyclic terpane/pentacyclic triterpane ratios vary with maturity. In contrast, some biomarker parameters are not significantly affected by thermal maturity, including pristane/phytane, β-carotane index (β-carotane/main peak n-alkane), sterane/hopane, 7-+8-methyl index (7-+8-monomethyl heptadecane/main peak n-alkane), and C28/C29 regular sterane values, and can thus be used for oil–source rock correlations. The low-maturity source rocks have undergone one stage of hydrocarbon generation and associated shale oil accumulation, whereas source rocks with relatively high maturity have experienced multi-stage hydrocarbon generation and associated shale oil accumulation. In the early stages, cyanobacteria were the main bioprecursor to hydrocarbons and, with increasing maturity, Dunaliella gradually became the more important bioprecursor. Hydrocarbon generation by these alkaline lacustrine source rocks involved multiple sources and stages, which accounts for the abundant shale oil resources in the Mahu Sag with one-billion-ton reserves. This might be general for saline lacustrine source rocks worldwide, which can generate both conventional and unconventional hydrocarbons in large scales. Compared with conventional thermal modeling to constrain the generation history of hydrocarbon source rocks, a unique advantage of sequential extraction is its ability to characterize the entire history of hydrocarbon generation under geological conditions.
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