In general oilfields have less gas pressure as they mature. As a result ingress of oxygen into well annuli into the vapor space in tanks and through pump packing becomes more commonplace. Consequently it is possible for severe localized corrosion (> 12 mm/y) to occur. Unfortunately there are very few options to control very high corrosion rates arise due to oxygen ingress. This is because common corrosion inhibitors generally fail to protect carbon steel when oxygen is present. In this paper we report the performance of a novel phosphate ester based inhibitor which is capable of protecting carbon steel from carbonic acid corrosion. In the presence of significant amounts of oxygen this inhibitor performs by creating a compact layer of iron carbonate on the metal surface. This layer serves as an effective barrier for either carbonic acid or oxygen to reach the bare metal. XRD and SEM measurements indicate the absence of Iron oxide in this layer. This indicates a possible corrosion inhibitor interaction with oxygen and thus preventing oxygen from reaching the metal surface.Key words: Oxygen Corrosion Corrosion Inhibitors Corrosion Testing. XRD measurement Oxygen removal