Study of Ways to Improve the Accuracy of the Collection of Federal Oil, Condensate, and Natural Gas Royalties Act of 2007 - Directs the Secretary of the Interior to arrange with the National Academy of Engineering to study and report to the Secretary regarding whether the accuracy of collection of royalties on production of oil, condensate, and natural gas under leases of federal lands (including submerged, deep water, and Indian lands) would be improved by implementing certain prescribed measures.
Requires the Secretary to award a contract under which the contractor shall: (1) compare royalty payments made under federal oil and gas lease provisions for covered lands against data supplied to the Federal Energy Regulatory Commission; (2) make such comparison retroactive to June 1, 1974; (3) determine whether the correct production standard volume and heating content analysis was used to calculate such payments; and (4) determine whether such payments were adequate under the terms of the oil and gas leases.