A series of significant discoveries in marine carbonate rocks show great petroleum exploration potential in the Tarim Basin. However, the oil and gas fields discovered in the carbonate rocks are mainly distributed around the Manjiaer Sag in the east Tarim Basin. Some explorations occurred and no oil or gas field was discovered around the Awati Sag in the west Tarim Basin. Information from wells and outcrops reveals that there are excellent oil and gas source rock conditions around the Awati Sag. Transformed reef-shoal reservoirs could be formed in the Ordovician carbonate rocks with paleo-geographic background and hydrothermal conditions. Therefore, it is necessary to make a systematical study and overall evaluation of the potential of the periphery of the Awati Sag in terms of source rock evolution, resource potential, high-grade reservoir formation and distribution, and main factors controlling hydrocarbon migration and accumulation.