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This paper proposes a structural optimization model for the offshore oilfield interconnected power system. The model focuses on evaluating the reliability of the system. It is found that the N−1 fault is the primary fault mode leading to severe power loss due to the probability of fault occurrence and the fault consequence according to the statistics of the historical fault information of the offshore oilfield power system. Considering the characteristics of the offshore oil extraction process, the priority of load removal in different processes under different fault conditions is different. Comprehensively considering the above factors, the model uses the minimum load shedding model that considers the load priority level in the objective function to calculate the power outage losses in all N−1 fault states of the system. The test results of numerical examples prove that the optimized solution of the structural optimization model can achieve a better balance between economy and reliability.