Many pipeline networks around the world do not have a failure history. Because of financial reasons or lack of technology, this is a common issue for asset managers in developing and under-developed countries. In the case of data scarcity, it is not straightforward to assess the risk and reliability of such systems. This research proposes a probabilistic framework for analysing the reliability of corroded pipeline networks with limited failure history availability. To achieve this aim through a comprehensive reliability assessment methodology, state-of-the-art corrosion modeling, component and system failure analysis techniques are utilized. A variety of spatio-temporal reliability assessment methods are employed along with the random-field representation of spatially variable parameters to estimate the failure in a large-scale corrosion affected pipeline network. The applicability of the methodology is evaluated through a case-study of buried pipeline network, and the results are verified with failure history data reported by the industry. The results obtained from the proposed methodology, combined with the cost data provided by asset managers make accurate risk assessment of process/water pipeline possible.