Due to different degradation mechanisms the oil and gas industry uses different methods for monitoring corrosion damage that include visual surface observations short- and long-range ultrasonics pulse eddy current and digital radiography. While these methods can be used to reveal corrosion problems once they have reached a certain point they cannot be used for continuous in-situ measurements of corrosion parameters such as corrosion rates and solution pH which can be used to predict the corrosion hazard before it happens. Although the corrosion rate parameter is widely used by corrosion engineers for evaluation of corrosion performance of a service metallic component it is not easy to reliably measure corrosion rates for risers during service. Thus accurate and efficient real-time monitoring methods are needed that could supply corrosion rate data over an extended period of time and thus would be able to differentiate between different forms of corrosion. To address this very challenging technological gap and to take advantage of the electrochemical nature of metal corrosion a three-electrode sensor set should be developed. The sensor set should be able measuring real-time corrosion rate effectively efficiently and objectively (e.g. free of human errors) during service. Also pH-sensitive conductivity and redox probes can be added to the sensor set. This paper reviews the previous experience in our and other labs and makes useful conclusions on the required hardware and software needed to properly monitoring the corrosion process in extreme environments related to elevated temperatures pressures and salinity. Also new results on the recently started project related to the electrochemical sensors development are presented.