We present phase field simulations to estimate the conversion rate of CH4 hydrate to CO2 hydrate in the presence of liquid CO2 under conditions typical for underwater gas hydrate reservoirs. In the computations, all model parameters are evaluated from physical properties taken from experiment or molecular dynamics simulations. It has been found that hydrate conversion is a diffusion controlled process, as after a short transient, the displacement of the conversion front scales with t(1/2). Assuming a diffusion coefficient of D-s = 1.1 x 10(-11) m(2) s(-1) in the hydrate phase, the predicted time dependent conversion rate is in reasonable agreement with results from magnetic resonance imaging experiments. This value of the diffusion coefficient is higher than expected for the bulk hydrate phase, probably due to liquid inclusions remaining in the porous sample used in the experiment.