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ORA-64307: Exadata Hybrid Columnar Compression is not supported for tablespaces on this storage type

Hybrid Columnar Compression (HCC) is only supported on specific underlying storage, such as Exadata, ZFS or Pillar. Trying to use HCC on an unsupported storage results in the error messsage ORA-64307: Exadata Hybrid Columnar Compression is not supported for tablespaces on this storage type, likely to be caused with statements such as:
create table tq84_compress_for_archive (id integer, txt varchar2(100)) compress for archive;
create table tq84_compress_for_query   (id integer, txt varchar2(100)) compress for query;

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