This work presents: i) the assessment of in line inspection (ILI) tools performance in the measurement of defects caused by corrosion; ii) differents methods to calculate structural reliability and probability of failure (POF) of corroded pipeline based in the ILI report. The inspection report of the ILI (or instrumented pig) is compared with the the geometry of defects measured by a reference tool (field measurements) and the erros associated to each measurement system are analyzed and assessed from statistical methods. The statistical analysis emploies methods such as the root mean square error/diffrential, and the Grubbs s, Thompson s and Jaech s estimators. The measurements taken by both tools (pig and field) are compared and analyzed through statistical tests that consider the tendency line and the coefficient of linear correlation (r). The minimum number of field measurements necessary to verify the performance of the ILI in sizing of corrosion defects is determined by the implementation of a test based on the sequential analysis. POF of a pipeline is calculated using three different methods: i) first order reliability methods (FORM); ii) propagation of uncertainties and iii) the method Monte Carlo. The POF of the pipeline is calculated as a function of different failure models whose variables (such as pressure, geometric and material parameters) are defined by their probability functions (pdf). The pdf and statistical parameters of the defect dimensions are determined from the accuracy of the pig measurements. The comparison between calculated and acceptable POF allows the determination of next reinspection period. When the calculated POF exceeds the acceptable POF before completing the amount of time desired for the next inspection, the developed procedure allows to know the number of repairs that must be made to reach the desired time when the next ILI will be carried out.