In this paper, the immiscible water-alternating-CO2 flooding process at the LH11-1 oilfield, offshore Guangdong Province, was firstly evaluated using full-field reservoir simulation models. Based on a 3D geological model and oil production history, 16 scenarios of water-alternating-CO2 injection operations with different water alternating gas (WAG) ratios and slug sizes, as well as continuous CO2 injection (Con-CO2) and primary depletion production (No-CO2) scenarios, have been simulated spanning 20 years. The results represent a significant improvement in oil recovery by CO2 WAG over both Con-CO2 and No-CO2 scenarios. The WAG ratio and slug size of water affect the efficiency of oil recovery and CO2 injection. The optimum operations are those with WAG ratios lower than 1:2, which have the higher ultimate oil recovery factor of 24%. Although WAG reduced the CO2 injection volume, the CO2 storage efficiency is still high, more than 84% of the injected CO2 was sequestered in the reservoir. Results indicate that the immiscible water-alternating-CO2 processes can be optimized to improve significantly the performance of pressure maintenance and oil recovery in offshore reef heavy-oil reservoirs significantly. The simulation results suggest that the LH11-1 field is a good candidate site for immiscible CO2 enhanced oil recovery and storage for the Guangdong carbon capture, utilization and storage (GDCCUS) project.