The majority of corrosion damage in hydrocarbon production is associated with sweet corrosion and the poor performance of carbon and low alloy steels (C-steels) to this type of corrosion threat. Whilst past activities to studying CO2 corrosion have largely been in relation to addressing system chemistry/operating conditions little or no systematic effort has been directed at metallurgical parameters.This paper focuses on both alloy chemistry and microstructure in addressing CO2 corrosion of C-steels. In this systematic analysis of corrosion damage combining operational and experimental data has been carried out in an attempt to elucidate influential steel properties that affect corrosion behaviour. Steel performance has been characterised through determination of uncombined/free Cr V and other alloying elements together with microstructural features. The results are exceptional and unique pointing towards key variables influencing corrosion behaviour of C-steels in CO2-containing fluids.