Abstract: A method of determining a holdup value for a multiphase fluid. A first holdup component is calculated using a first detection technique which is insensitive to small inclusions of a first fluid constituent (hydrocarbons) dispersed in a second fluid constituent (water). A second holdup component is also calculated using a second detection technique which determines a percentage of the small inclusions of the first fluid constituent that are dispersed in the second fluid constituent. The first and second holdup components are then combined to yield a total holdup value. The method can further compensate for displacement of the second fluid constituent by the small inclusions of the first fluid constituent. The second holdup component is preferably calculated by inferring a maximum heavy phase density (MHPD) of the multiphase fluid.