One of the possibilities to reduce carbon dioxide emissions is the use of the CCS method, which consists of CO2 separation, transport and injection of carbon dioxide into geological structures such as depleted oil fields for its long-term storage. The combination of the advanced oil production method involving the injection of carbon dioxide into the reservoir (CO2-EOR) with its geological sequestration (CCS) is the CCS-EOR process. To achieve the best ecological effect, it is important to maximize the storage capacity for CO2 injected in the CCS phase. To achieve this state, it is necessary to maximize recovery factor of the reservoir during the CO2-EOR phase. For this purpose, it is important to choose the best location of CO2 injection wells. In this work, a new algorithm to optimize the location of carbon dioxide injection wells is developed. It is based on two key reservoir properties, i.e., porosity and permeability. The developed optimization procedure was tested on an exemplary oil field simulation model. The obtained results were compared with the option of arbitrary selection of injection well locations, which confirmed both the legitimacy of using well location optimization and the effectiveness of the developed optimization method.