Models of two phase flows in porous media, used in petroleumengineering, lead to a system of two coupled equations with ellipticand parabolic degenerate terms, and two unknowns,the saturation and the pressure.For the purpose of their approximation, a coupled scheme, consisting ina finite volume method together witha phase-by-phase upstream weighting scheme, is used in the industrial setting.This paper presents a mathematical analysis of this coupled scheme, first showingthat it satisfies some a priori estimates:the saturation is shown to remain in a fixed interval, anda discrete L2(0,T;H1 (Ω)) estimate is proved for both the pressureand a function of the saturation. Thanks to these properties,a subsequence of the sequence of approximate solutions is shown toconverge to a weak solutionof the continuous equationsas the size of the discretization tends to zero.