Houston company NRG Energy said Tuesday it's working with its Japanese counterparts to build what's touted as the largest carbon capture project of its kind.

"Our objective is simple: we want to continue to provide safe, affordable and reliable power to our customers, but without risking the health of the planet as a result of our activities," NRG President and Chief Executive Officer David Crane said in a statement.

The company said it was working with a subsidiary of Japanese energy company JX Nippon Oil Exploratin Ltd. to build a $1 billion carbon capture project it says will capture 90 percent of the carbon dioxide emitted from the WA Parish power plant near Houston.

The partners will use the captured CO2 to inject into its nearby West Ranch oil field to boost oil production. NRG Energy said the field holds 60 million barrels of recoverable oil and the enhanced recovery program would boost output from 500 barrels per day to 15,000 bpd.

NRG's project was selected by the U.S. Energy Department for a $167 million grant from its clean coal power initiative program.

The company expects to complete the project in two years.