Summary This study focuses on carbon capture, utilization, and sequestration (CCUS) via the means of nonlinearly constrained production optimization workflow for a CO2-enhanced oil recovery (EOR) process, in which both the net present value (NPV) and the net present carbon tax credits (NPCTC) are bi-objectively maximized, with the emphasis on the consideration of injection bottomhole pressure (IBHP) constraints on the injectors, in addition to field liquid production rate (FLPR) and field water production rate (FWPR), to ensure the integrity of the formation and to prevent any potential damage during the life cycle injection/production process. The main optimization framework used in this work is a lexicographic method based on the line-search sequential quadratic programming (LS-SQP) coupled with stochastic simplex approximate gradients (StoSAG). We demonstrate the performance of the optimization algorithm and results in a field-scale realistic problem, simulated using a commercial compositional reservoir simulator. Results show that the workflow can solve the single-objective and bi-objective optimization problems computationally efficiently and effectively, especially in handling and honoring nonlinear state constraints imposed onto the problem. Various numerical settings have been experimented with to estimate the Pareto front for the bi-objective optimization problem, showing the trade-off between the two objectives of NPV and NPCTC. We also perform a single-objective optimization on the total life cycle cash flow, which is the aggregated quantity of NPV and NPCTC, and quantify the results to further emphasize the necessity of performing bi-objective production optimization, especially when used in conjunction with commercial flow simulators that lack the capability of computing adjoint-based gradients.