A tremendous amount of fossil fuel is utilized to meet the rising trend in the world’s energy demand, leading to the rising level of CO₂ in the atmosphere and ultimately contributing to the greenhouse effect. Numerous CO₂ mitigation strategies have been used to reverse this upward trend since large-scale decarbonization is still impractical. For multiple reasons, one of the optimal and available solutions is the usage of old depleted oil and gas reservoirs as objects for prospective CO₂ utilization. The methods used in CO₂ underground storage are similar to those used in oil exploration and production. However, the process of CO₂ storage requires detailed studies conducted experimentally and numerically. The main goal of this paper is to present an overview of the existing laboratory studies, engineering and modeling practices, and sample case studies related to the CCS in oil and gas reservoirs. The paper covers geological CO₂ storage technologies and discusses knowledge gaps and potential problems. We attempt to define the key control parameters and propose best practices in published experimental and numerical studies. Analysis of laboratory experiments shows the applicability of the selected reservoirs focusing on trapping mechanisms specific to oil and gas reservoirs only. The current work reports risk control and existing approaches to numerical modeling of CO₂ storage. We also provide updates on completed and ongoing CCS in oil and gas reservoir field projects and pilots worldwide.