The annual losses due to corrosion and the cost of rectification run to several billion dollars in oil & gas exploration industries around the world. High production under aggressive and extreme operational conditions necessitates the development of new materials which also have peculiar failure behaviors. Thus the industry operators are on continuous perusal with different corrosion management strategies. Yet unforeseen failures of top-side, sub-surface and sub-sea infrastructure due to corrosion not only entails the loss of production but the loss of life as well. Prediction of failure behaviors, remaining useful life, corrosion preventive measures are all approaches in corrosion management for safe and economic operation of production wells and other facilities. Successful corrosion management influences the economic outcome of the company by ensuring the cost-effective selection of materials, chemical treatments, coatings, cathodic protection systems, and appropriate designs