Successful choice of the suitable catalyst composition for hydrogen/deuterium exchange reaction between hydrogen and water requires understanding of chemical kinetics as well as surface properties and activity in both liquid- and vapour phases. The present study deals with the thermodynamic and kinetic behaviour of a simple liquid phase reaction on the surface of nickel catalyst promoted with zirconium oxide used for the H/D exchange. This study helps understand the condensation of water on the catalyst surface during operation which leads to its poisoning. In this specific case water molecules are responsible for selective poisoning of this type of catalysts. The reaction rate constant, the increase in Gibb,s free energy, the enthalpy, the entropy of activation and the energy of activation were calculated.