Corrosion inhibiting compositions and methods of inhibiting corrosion on a metal surface commonly used in the petroleum industry is disclosed. The corrosion inhibitor includes at least one azole, at least one polypeptide derived from amino acid, at least one intensifier preferably from metal halides, and at least one surfactant. The methods include combining effective amounts of the corrosion inhibitor composition and contacting a metal surface in aqueous environment commonly found in oil and gas industry. The composition is very effective against corrosion of metals in contact with aqueous media when used in a dosage as low as 50 ppm.