As a rapidly evolving technology, carbon capture and storage (CCS) can potentially lower the levels of greenhouse gas emissions from the oil and gas industry. This paper provides a comprehensive review of different aspects of CCS technology, including its key components, the methods and stages of carbon storage, implied environmental effects, and its pros and cons. This paper also investigates the utilization of CCS as an alternative method to water injection into oil reservoirs. It also probes the technical and operational challenges of implementing CCS technology in the oil and gas industry. Additionally, this paper examines the regulatory and policy issues associated with CCS, including incentives and frameworks for promoting the deployment of CCS technology. Finally, in this paper the potential benefits of CCS are discussed, including reducing the carbon footprint of the oil and gas industry, enhancing energy security, and supporting the transition to a low-carbon economy.