Most oil and gas production involving water and carbon dioxide production has increased flow related corrosion in multiphase pipeline. Understanding the cause in order to reduce the corrosion rate for different pipeline flow regimes is a subject of great importance. Experiments were conducted on a loop connected by plexiglass and PVC pipes with a operating pressure of 20psi and a temperature of 40C. A stationary slug was used to measure the corrosion rate, shear stress, turbulent intensity and slug flow characteristics for mixtures of ASTM artificial sea water and Conoco LVT-200 oil. Typical results show that the higher the flow rate, the larger the corrosion rate. Corrosion rate increases with an increase in shear stress. Shear stress, void fractions and pressure drops separately increase with an increase in Froude number. It is also concluded that flow conditions and fluid properties have significant effects on flow characteristics and corrosion rates.