API 570 "Piping System Repair, Alteration, Re-rating & Pressure Testing" is a very good reference for calculating

the remaining life for a pipeline in service. Also ASME B31G "Determining the Remaining Strength of Corroded Pipelines" is also a very good reference. To do that as per API 570, Section 7 "Inspection Data Evaluation, Analysis, and Recording", you have to get a full history of that pipeline regarding the average of corrosion rates that occurred at last 5 years (Short-Term corrosion rate, ST), in addition to the average corrosion rate occurred along the full period from the moment of installation till the instant moment (Long Term corrosion rate, LT). The corrosion rate used in equation for calculating the remaining life of that pipeline shall be the max. of LT & ST. Remaining life = (tactual - trequired) / Corrosion Rate Free download an example demonstrating calculation of remaining life of inservice pipeline:Remaining_life_of_inserivce_Pipeline.

See the following paragraphs are extracted from API 570: 7.1.2 Newly Installed Piping Systems or Changes in Service. For new piping systems and piping systems for which service conditions are being changed, one of the following methods shall be employed to determine the probable rate of corrosion from which the remaining wall thickness at the time of the next inspection can be estimated: a. A corrosion rate for a piping circuit may be calculated from data collected by the owner/user on piping systems of similar material in comparable service. b. If data for the same or similar service are not available, a corrosion rate for a piping circuit may be estimated from the owner/user's experience or from published data on piping systems in comparable service. c. If the probable corrosion rate cannot be determined by either method listed in item a or item b, the initial thickness measurement determinations shall be made after no more than 3 months of service by using nondestructive thickness measurements of the piping system. Corrosion monitoring devices, such as corrosion coupons or corrosion probes, may be useful in establishing the timing of these thickness measurements. Subsequent measurements shall be made after appropriate intervals until the corrosion rate is established.

7.1.3 Existing Piping Systems. Corrosion rates shall be calculated on either a short-term or a long-term basis. If calculations indicate that an inaccurate rate of corrosion has been assumed, the rate to be used for the next period shall be adjusted to agree with the actual rate found.