This paper presents a theoretical analysis of the condensation of a single two-phase bubble during its rise in a quiescent column of an immiscible liquid. Governing equations are derived and solved by a numerical method. Dimensionless parameters governing the phenomenon are identified and a parametric study is carried out for different parameters. The predicted results are compared with available experimental data. The bubble collapse rate and Nusselt number are found to be dependent on: Peclet number, system Jakob number and thermal property parameter, K*.