The paper presents the results of experimental evaluation of oil displacement efficiency by flue gas of a thermal power plant, compared to water, for a carbonate reservoir in the Ural-Volga region. The experiments were performed under two different injection schemes using an original laboratory complex for coreflood studies, with recombined reservoir oil, model of formation water, reservoir core material, and under reservoir thermobaric conditions. It has been confirmed that due to the prevailing nitrogen content and low values of reservoir pressure and temperature, flue gas is ineffective as an independent displacement agent either for injection from the beginning of reservoir development or as a tertiary method after waterflooding. Taking into account the relevance of synergy between increasing oil recovery and sequestration of industrial emissions, evaluation of flue gas injection as part of water-gas mixtures (SWAG) is recommended.