A system (100) for delivering oxygen to, and preventing hypercapnic respiratory failure in, a patient (1) is provided, the system (100) comprising an oxygen dosing unit (10) and a sensor arrangement (40), the oxygen dosing unit (10) being adapted to provide an oxygen flow (12) to a port (13) fluidly connectable to an oxygen delivery unit (30) attached to the patient (1), and the oxygen dosing unit (10) further being adapted to regulate parameters of the oxygen flow (12) on the basis of a first input signal indicating an oxygen status of the patient (1) and a second input signal indicating a carbon dioxide status of the patient (1). According to the invention, the sensor arrangement (40) comprises sensing means (42, 43) adapted to obtain a first sensor value corresponding to the oxygen status via a non-invasive transcutaneous measurement and a second sensor value corresponding to the carbon dioxide status via a non-invasive transcutaneous measurement, the sensor arrangement (40) being adapted to provide the first and second input signals on the basis of the first and second sensor values, and the oxygen dosing unit (10) comprising a control unit (11) programmed with an algorithm adapted to calculate the parameters of the oxygen flow (12) on the basis of the first and second input values and at least one further patient parameter relating to the patient (1). A corresponding method is also part of the present invention.