I have two questions. I would appreciate it if anyone can help me with these questions:

We have a raceway pond in which O2 is continuously produced due to the presence of algae. We know that the water can dissolve O2 up to its solubility which I think is 40 mg/L (under normal conditions). My question is that what would happen after the water is saturated with O2? What is the fate of O2 that is produced after the saturation point? Do they rise up to the surface and then diffuse into the air? Is there any chance of bubble formation in this case?

And the second question is: If the water is saturated with O2, does it prevent available CO2 in the air to be absorbed into the water? What is the reaction between the O2 and CO2 in this case?