Hydrogen is becoming an increasingly attractive alternative fuel. As such it is important to investigate different methods of hydrogen production. This paper examines the thermochemical process of splitting water using the three stage Cu-Cl Cycle. In particular it examines the hydrodynamics of the direct contact heat transfer in the Cu-Cl's oxygen reactor for a two-phase system, using a three dimensional Eulerian-Eulerian Computational Fluid Dynamics (CFD) model. The model is verified using experimental results and compared to a two-dimensional CFD model by examining the gas holdup using a helium-water system for different superficial gas velocities (0.05-0.15 m/s). The three-dimensional helium-water system is able to accurately model the trends of the gas holdup while changing the superficial gas velocity with a maximum percent error of 8.37%. The three-dimensional model is more accurate and somewhat over predicted in comparison to the two-dimensional model. Also, it is found that gas holdup increases when increasing the superficial gas velocity.