Carbon Capture and Storage Technology Act of 2007

Carbon Capture and Storage Technology Act of 2007 - Requires the Secretary of Energy to establish a competitive grant program to provide assistance to at least three, but not more than five, eight-year commercial demonstration projects to demonstrate the long-term effects of sequestration of carbon dioxide in deep geological formations, of which: (1) not fewer than two shall be conducted in deep saline aquifers; and (2) the remainder may be conducted in saline aquifers combined with storage in established oil or gas fields.

Requires the Secretary to establish a competitive grant program to provide grants to at least three, but not more than five, commercial demonstration projects for the capture of carbon emissions from coal-fired power plants.

Establishes an interagency task force composed of the Secretary, the Administrator of the Environmental Protection Agency (EPA), and the Secretary of the Interior to develop regulations providing guidelines and practices for the capture and storage of carbon dioxide.

Requires the Director of the Office of Science to carry out a program for the research and development of potential technologies and approaches for the capture of carbon dioxide. Requires the Secretary to: (1) carry out a program for the research and development of carbon dioxide storage technologies; and (2) develop recommendations for optimal carbon dioxide storage features, practices, and conditions.

Requires the Secretary to complete a national carbon dioxide storage capacity assessment.

Requires the Secretary to offer to enter into agreements with China and India and any other country that is heavily dependent on coal-fired power plants for electricity generation to pursue technology-sharing agreements with respect to carbon dioxide capture and storage technologies.