In this paper, we propose a data-driven approach to find the optimal inspection interval for a petroleum pipeline that is subject to long-term corrosion failure. The approach accounts for the determination of both the failure frequency and consequences of failure. Three forms of corrosion are studied; these are uniform corrosion, pitting corrosion and stress corrosion cracking. Failure frequency is estimated by fitting historical failure data of pipeline into either a homogenous Poisson process or power law. The consequences of corrosion attack is calculated in terms of economic loss, environmental damage and human safety and determined for small leaks, large leaks and rupture of pipeline. Both failure frequency and consequences are utilized to estimate total loss due to pipeline operation. A risk based integrity maintenance optimization of the pipeline is obtained by minimizing the economic loss of pipeline, taking human risk and maintenance budget as constraints. The approach is very robust and well validated. Copyright © 2011 by the International Society of Offshore and Polar Engineers (ISOPE).