Carbon capture, utilization, and storage (CCUS) is a process that involves capturing carbon dioxide (CO2) emissions and storing them in geological formations. While the challenge of CCUS is one of multiple disciplines, this paper will discuss the key petrophysical considerations worth noting for CCUS projects. As the storage capacity and effectiveness of the storage reservoir depend on the physical and chemical properties of the geological formations that are used for storage, petrophysicists working on CCUS projects must have a good understanding of the subsurface and its limitations. Any CCUS project can be better managed by application and adherence to the CO2 Storage Resources Management System (SRMS), which aims to develop a consistent approach to estimating storable quantities of CO2 in the subsurface and evaluating development projects. In this paper, we will also discuss a risk matrix that we have designed as a tool for project petrophysicists to document uncertainties and rank them to enhance communication with team members. We finally share a petrophysical checklist to highlight considerations as the evaluation of prospective, contingent, and (commercial storage) capacity-scale CCUS projects are matured and use a well in the North West Shelf, Australia, as a case study to show how reservoirs can be analyzed for suitability for CO2 storage.