The invention disclosed relates to a method and apparatus for controlling the dissolved gas content of aqueous liquid containing a dissolved gas by providing a microporous hydrophobic hollow fibre membrane, to provide at equilibrium a stable interface between an aqueous liquid phase containing dissolved gas on one side of the membrane and a gaseous phase on the other side of the membrane, and controlling the aqueous phase and gaseous phase pressures, such that in operation the gaseous phase pressure is up to but not exceeding the aqueous phase pressure, and flowing the gaseous and liquid phases across the membrane, to provide simultaneous mass transfer through the membrane of a first gas in the gaseous phase into the liquid phase and of a second gas dissolved in the aqueous liquid into the gaseous phase, whereby the gas content of the first gas in the aqueous phase is increased, the gas content of the second gas in the gaseous phase is decreased and the total dissolved gas pressure (TG) of the aqueous phase is altered.