The present techniques are directed to a system and methods for operating a gas turbine system. An exemplary gas turbine system includes an oxidant system, a fuel system, and a control system. A combustor is adapted to receive and combust an oxidant from the oxidant system and a fuel from the fuel system to produce an exhaust gas. A catalyst unit including an oxidation catalyst that includes an oxygen storage component is configured to reduce the concentration of oxygen in the exhaust gas to form a low oxygen content product gas.