In order to ensure smooth and uninterrupted flow of oil and gas to the end users, it is imperative for the field operators, pipeline engineers, and designers to be corrosion conscious as the lines and their component fittings would undergo material degradations due to corrosion. This paper gives a comprehensive review of corrosion problems during oil and gas production and its mitigation. The Wells in water-drive and gas-cap drive reservoirs often produce at a near constant rate until the encroaching water or expanding gas cap reaches the well, causing a sudden decline in oil production. Wells in gas solution drive and oil expansion drive reservoirs have exponential or hyperbolic declines: rapid declines at first, then leveling off. Produced water refers to reservoir formation water that is co-produced with oil or gas. It incurs operational cost and challenges because it must be separated from the hydrocarbons before sales and can cause production problems such as, emulsion, scale, corrosion, hydrate, etc.