O2 is a metabolite and your body will only use what it needs. In the presence of high O2 partial pressures the O2 will saturate the hemoglobin,and then go into solution into the plasma. At that point the body will consume oxygen from the plasma. CO2 production will be a function of work,and the ventilatory rate will be decided by the C02 detected due to this increased work load. A question not asked is what can effect ventilatory capacity,and the answer is exposure to high partial pressures of oxygen for long durations can cause pulmonary toxicity,which will reduce capacity.