The use of carbon dioxide in the oil and gas industry is an actual topic. The creation of underground gas storage (UGS) is an important issue for the Republic of Tatarstan. This article examines one of the oil fields in the Republic of Tatarstan as a prospective candidate for carbon dioxide utilization. The analysis in the paper focuses on the geological perspective of the field, considering the rocks reservoir properties, both in terms of core samples and well logging data. Criteria and peculiarities from the standpoint of developing an active oil field are also discussed. The article discusses various methods of using carbon dioxide as an alternative for enhancing oil production. The analysis conducted allows for an assessment of the suitability of using carbon dioxide in the development of the field for both oil production and carbon dioxide sequestration in the reservoir. Consequently, the potential of the field for use as a UGS in the Republic of Tatarstan is examined. The creation of UGS facilities is of great importance today, providing the opportunity to store carbon dioxide underground and serving as an alternative method for intensifying oil production.