Based on the existing high-resolution 2D seismic data and provenance supply mode, the depositional sequence, provenance features and oil-gas exploration prospects were analyzed. Multi-provenances, differences existed between each phase were the characteristics of the provenance supply. In the initial expanding period, the northern marginal area was the primary depocenter, and the North Shelf-Slope provenance system plays an important role. In the initial thermal subsidence period, the depocenter starting to migrate to the basin center, the North Shelf-Slope and Zhong-Xisha uplift zone provenance systems possess mass sediment supply. The two slope-apron fan with downlap characteristics and mass transport depositions with chaotic reflections were symmetrically growing in the north-sourth sides. In the stable thermal subsidence period, the depocenter has moved to the center, the contribution of North Shelf-Slope and Xisha trough provenance systems was reinforced in the short term and produced a large-scale deepwater fan and deepwater channel system, meanwhile, the Zhong-Xisha uplift provenance system was weakened. According to the geological comparison with the middle-high exploration level blocks, preliminarily predicts the basin can be a promising exploration targets in the deepwater area.