In the oil and gas infrastructure, it is important to note that pipeline systems are vital in the transportation of hydrocarbons, but the structural integrity of these systems may be affected in the processes of corrosion and erosion as the systems are being operated. In this paper, a computational framework of assessing the degradation of pipeline and risk of pipeline failure is developed through the combination of corrosion modelling, erosion prediction, and risk-based assessment. To account for the spatial change in the operating conditions, the pipeline was divided into four representative sections, Inlet (INL), Midstream (MID), Elbow (ELB), and Outlet (OUT). The major operation parameters, such as temperature, pressure, fluid velocity, and sand concentration were inserted in Arrhenius derived corrosion and velocity-dependent erosion models to provide estimates of the degradation rates. The findings indicate that corrosion is the most prevalent degradation process, and the rates of corrosion rise in 0.27 mm/yr at the inlet to 1.07 mm/yr at the outlet. The erosion rates were relatively low between 0.00mm/yr and 0.05mm/yr, yet they contributed to the total amount of material loss by erosion corrosion interactions. The overall rate of degradation got greater and greater along the pipeline, to 0.27 mm/yr (INL) and 1.12 mm/yr (OUT). The risk of failure in the pipeline segments was quantified in a normalized Risk Inde (RI) whereby the values were 10.00% (INL), 33.54% (MID), 65.86% (ELB), and 100.00% (OUT). These findings suggest that the elbow and outlet areas are the most sensitive areas in regard to pipeline integrity based on the synergy of high temperature, pressure, flow velocity, and concentration of particles. As seen in the study, segment-based corrosion erosion modelling offers a useful methodology in the determination of high-risk areas in pipeline systems. The suggested framework provides a computationally effective means of facilitating risk-based inspection and maintenance approaches to the oil and gas pipeline infrastructure.