Life cycle management of oil fields involves complex decisions, with many variables to be considered. In some fields of the Brazilian pre-salt, this task is even more challenging given the ultra-deep water location, with an expressive amount of gas (including CO2) production. This feature becomes a restricting factor for oil production in these types of fields, and a proper management is essential to overcome this issue, improving both production and economic returns. Therefore, Water-Alternate-Gas (WAG) is often used as an Enhanced Oil Recovery- EOR mechanism, providing a better mobility control, improving reservoir sweep and oil recovery. Moreover, WAG can be an alternative for recycling the produced gas, providing an adequate destination (mainly for CO2) and avoiding environmental problems. In this case, we name the method as WAG-CO2. Moreover, Interval Control Valves (ICVs) are also a good alternative to deal with these fields, since they work as flow control devices and allow for a better balance of the fluid flow in the reservoir. In this work, we evaluate the impact of the use of ICVs in producers, injectors, along with WAG cycles size to improve the performance of a developed field. The work consists of two parts. In Part I, using a single simulation model, we performed (1) six hierarchical optimization approaches to verify if the order in which the optimization occurs influences the final results, and (2) a joint optimization of all parameters for comparison purposes. The final strategies are simulated in a reference case (representing the “true response” of the field) to evaluate how the achieved control rules would behave in a real field. In Part II, we considered a probabilistic procedure, applying one of the hierarchical approaches in several representative models (RMs) expressing uncertain scenarios. In this case, we compared nominal optimization of individual RMs against a robust optimization (in which all RMs are optimized simultaneously). The study is applied to the benchmark case SEC1_2022, a synthetic model analogous to a pre-salt field. The results show an expressive increase in the economic return of the field with a proper operation of the ICVs and size of the WAG-CO2 cycles, despite the platform being restricted by gas production capacity. This result occurred because of a better balance in fluid flow through the reservoir and among wells. Moreover, in the first part of the work, all hierarchical approaches presented very similar results in terms of NPV, so the order of the optimization steps did not significantly affect the results. The non-hierarchical approach presented a slightly better result, but still close to those obtained in the hierarchical approaches. Furthermore, the most impacting variable was the ICV for producers, followed by ICV for injectors and, then, WAG-CO2 cycles. Similar tendencies were observed in the second part of the work, with higher expected economic return for the robust optimization.