CO2 sequestration during cold heavy oil production using captured carbon dioxide was investigated using REVEAL of Petroleum Experts. The results indicated that the CO2 release was influenced by the production phases. The prediction showed high CO2 retention in the first few years post start-up, followed by a gradual decline toward 16.5% post peak production. The recovery rate was strongly influenced by the reservoir characteristics, such as fluid properties, permeability, aquifer, and well completion. Horizontal wells provided better performance than vertical wells. The CO2 utilization and retention per barrel of heavy oil increased as the CO2 injection pressure increased.