This is a Two-phase calculation. Computer software is available to solve the problem.
To solve it by manual/spreadsheet you have to take it step by step.
I assume that the pipe is falling, which means that the liquid is accellerating.
1 - Calculate the velocity of the fluid in the pipe using actual sectional area (with deduction for gas). Assume it is 100% full, and work out the friction loss in the usual way (use water or oil).
2 - Now go to the next point. At this head calculate the velocity of flow. That will give you a cross sectional area occupied by the fluid.
3 - Assume the pipe is 100% full and do the friction loss calculation.
4 - Calculate how much space is left in the pipe for gas, and check out its pressure and temperature at that volume.
5 - Repeat the calculation in steps until you come to the end.
I would guess that the gas will contribute very little to the overall pressure loss. But it will contribute a bit to accellerate the fluid flow.
I have seen some slick looking computer programs which do the same thing - small step by small step. You can do your calculation in 2 steps, or 10, or 100 if you like. It's the same Bernoullis equation each time, plus the Gas Laws.
The same technique is used when handling fluid with froth, or steam with condensate.