Experimental data for frictional pressure drop using both air–water and air–oil mixtures are reported, compared and used to evaluate predictive methods. The data were gathered using the 2-inch (54.8 mm) flow loop of the multiphase flow facility at the National University of Singapore. Experiments were carried out over a wide range of flow conditions of superficial liquid and gas velocities that were varied from 0.05 to 1.5 m/s and 2 to 23 m/s, respectively. Pressure drops were measured using pressure transducers and a differential pressure (DP) cell. A hitherto unreported finding was achieved, as the pressure drop in air–oil flow can be lower than that in air–water flow for the higher range of flow conditions. Using flow visualization to explain this phenomenon, it was found that it is related to the higher liquid holdup that occurs in the case of air–oil around the annular flow transition and the resulting interfacial friction. This additional key finding can have applications in flow assurance to improve the efficiency of oil and gas transportation in pipelines. Models and correlations from the open literature were tested against the present data.