A mechanistic model has been developed to predict corrosion rates in multiphase (water/oil/CO2) flow conditions. The model takes into account electrochemistry, reaction kinetics, and, mass transport effects. This paper describes the equations used to determine pH and bulk concentrations of various ions, which are then used to calculate the mass transfer rates to the corrosion surface. The result includes the determination of the mass transfer coefficients of various ionic species and corrosion rates. Details of relations used for determination of mass transfer coefficients for multiphase flows, and rates of electrochemical reaction kinetics are discussed and predicted results are compared with experimental observations. Agreement between model results and experimental data is good.