Hydrogen storage plays a crucial role in achieving net-zero emissions by enabling large-scale energy storage, balancing renewable energy fluctuations, and ensuring a stable supply for various applications. This study provides a comprehensive analysis of hydrogen storage technologies, with a particular focus on underground storage in geological formations such as salt caverns, depleted gas reservoirs, and aquifers. These formations offer high-capacity storage solutions, with salt caverns capable of holding up to 6 TWh of hydrogen and depleted gas reservoirs exceeding 1 TWh per site. Case studies from leading projects demonstrate the feasibility of underground hydrogen storage (UHS) in reducing energy intermittency and enhancing supply security. Challenges such as hydrogen leakage, groundwater contamination, induced seismicity, and economic constraints remain critical concerns. Our findings highlight the technical, economic, and regulatory considerations for integrating UHS into the oil and gas industry, emphasizing its role in sustainable energy transition and decarbonization strategies.