Measurements of TOC, Rock-Eval pyrolysis, carbon isotope composition, solvent extract, extract fractionation, and the gas chromatography-mass spectrum (GC-MS) of the saturated fraction were conducted on the Lower Permian Fengcheng Formation carbonate-bearing shales and argillaceous dolomites of Well FN7 in the northwestern Junggar Basin to understand the geochemistry and depositional environmental evolution of the carbonate-bearing lacustrine source rocks. The results indicate that the Fengcheng Formation carbonate-bearing shales are fair to good source rocks with Type II kerogen for generating oil and minor gas, and the argillaceous dolomites are poor source rocks. The thermal mature shales contain more residually generated hydrocarbon, whereas the argillaceous dolomites contain more migrated hydrocarbon. This property is favorable for shale oil or tight oil accumulation in the Fengcheng Formation. Biomarker analyses indicate that the Fengcheng Formation source rocks were formed in the anoxic reducing lacustrine depositional environment with a stratified water column and high salinity. The source rock organic matter has major aquatic phytoplankton and algae input and less terrestrial organic matter input. During the Fengcheng Formation period, oxidation had a weak increasing tendency and salinity had a weak decreasing tendency from the early to late periods under the background of a reducing environment. Except for poor source rocks in upper and lower parts, the good source rocks are primarily in the middle part of the Fengcheng Formation.
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