Simulation of waterflood strategies is used as an essential technique for a 197-layer reservoir performance evaluation, providing in-depth reservoir descriptions as a reference for future reservoir development. A comprehensive waterflood scheme for a given reservoir is studied with respect to geostatistical analysis to assess the degree of reservoir heterogeneity and choose the appropriate approach to optimize the waterflood. The waterflood case study is based on a pre-built corner-point geological model, which is upscaled and simulated by a commercial reservoir simulator. The entire reservoir is divided into several sub-zones, and multiple geostatistical approaches are used for primary property distribution exploration in spatial and areal aspects. Lorenz coefficient is applied to quantitatively estimate the degree of heterogeneity to deepen the comprehension of the oil recovery variation of different layer zones. Waterflood schemes with various well pattern configurations and mobility ratios are employed for performance comparison based on sweep efficiency and recovery factor. Porosity and permeability decrease from the reservoir top to the bottom, while the Lorenz coefficient changes inversely. Different waterflood well pattern studies are carried out and indicate that decreasing the well pattern area can improve the recovery factor and decrease the remaining oil saturation during a specific production period. The recovery factor of the entire reservoir varies from 36 to 49% depending on the choice of well configuration. The lower half of the reservoir has the potential for future enhanced oil recovery in regions of high remaining oil saturation, and the potential improvements and future work on the proposed model are outlined. This waterflood study is particularly unique and instructive because the simulations of the different well patterns make use of the Lorez coefficient to choose the layers for flooding from a highly heterogeneous 197-layer reservoir with natural fractures. It demonstrates the exemplary waterflood case study fulfilled by the reservoir simulation software and provides insight into optimization and future potential work prediction.