Understanding the CO2 storage potential and petroleum prospectivity of the Gippsland Basin are critical to managing the resources of this region. Key controls on determining the prospectivity for CO2 storage and petroleum include understanding the fluid migration history and reservoir characteristics in the basin. Gippsland Basin hydrology, reservoir characteristics and petroleum systems are being studied to better understand how CO2 can be safely stored in the subsurface. Hydrocarbon migration pathways have been delineated using petroleum systems modelling. The latest hydrocarbon charge history data has been acquired to test the containment potential of individual structures along these migration pathways. The charge history results indicate the Golden Beach gas field has had a complex hydrocarbon fill history, and that early charge has migrated through the regional seal. The results also indicate that early oil charge was very common in the basin, including large structures that are now filled with gas (e.g. Barracouta). The results allow the regions with good CO2 containment potential to be delineated for further storage investigations. A new evaluation of the reservoir characteristics of the Latrobe Group—through porosity/permeability analysis and automated mineral analysis (AMA)—has provided insights into CO2 injectivity and capacity. The AMA results constrain the mineralogy and diagenetic history of the reservoirs and seals. In addition, the data highlights the presence of carbonates, glauconite and K-feldspar that are potentially reactive with injected CO2.