Even if proposed for vicarious motives, the technology as such may still be the right way to go.
From an environmental perspective, CO2 sequestration for EOR (enhanced oil recovery) makes little sense, other than reducing the carbon footprint of production a bit, demonstrating the storage principle and further developing key technology.
What makes more sense is to use geological storage for CO2 captured from industrial processes other than power generation - production of cement, steel and chemicals, in other words processes that would release large amounts of CO2 even if switching 100% to renewable energy.
Also, we need some place to store all that CO2 that purportedly would be captured using DAC (direct air capture) in the future.