The equations governing oxygen transport from blood to tissue are presented for a cylindrical tissue compartment, with blood flowing along a co-axial cylindrical capillary inside the tissue. These governing equations take account of: (i) the non-linear reactions between oxygen and haemoglobin in blood and between oxygen and myoglobin in tissue; (ii) diffusion of oxygen in both the axial and radial directions; and (iii) convection of haemoglobin and plasma in the capillary. A non-dimensional analysis is carried out to assess some assumptions made in previous studies. It is predicted that: (i) there is a boundary layer for oxygen partial pressure but not for haemoglobin or myoglobin oxygen saturation close to the inflow boundary in the capillary; (ii) axial diffusion may not be neglected everywhere in the model; (iii) the reaction between oxygen and both haemoglobin and myoglobin may be assumed to be instantaneous in nearly all cases; and (iv) the effect of myoglobin is only significant for tissue with a low oxygen partial pressure. These predictions are validated by solving the full equations numerically and are then interpreted physically.