Objective. The protolith and tectonic settings of the Middle Eocene oil shale sampled from the outcrops and ejected products of mud volcanoes in the Greater Caucasus southeastern plunge were determined using bulk rock geochemistry data. The obtained results were adapted to the palaeogeodynamic conditions of the study areas. Method. The concentrations of element content in the samples were measured by “S8 TIGER Series 2 WDXRF” and “Agilent 7700 Series ICP-MS” mass spectrometers.