Western offshore oil field in India has nearly 300 offshore platforms for oil and gas exploration, of which almost 50% of platforms have outlived their life. Life extension of these platforms has become essential for further production activities. In many cases, design level analyses combined with ultimate strength assessment, life extension has been granted. However, risk-based assessment based on the probability of failure based on available reserve strength linked to additional life extension could be a logical method. The Reserve Strength Ratio (RSR) is defined as a ratio of reserve capacity of the jacket structure and the design level environmental loads (1 year or 5year or 10 year or 100-year return period). The encounter probability of these design storms for the life extension period has been established probability for the extension period has been used as a threshold to determining the required RSR using the probability of collapse. For the present study, four typical aged wellhead platforms with different water depths are selected, and RSR is evaluated by carrying out push over analysis. The Monte Carlo Simulation method is used to generate the statistical values of RSR. The probability of failure is then calculated by First Order Reliability Method (FORM) using MATLAB for different RSR values. Reassessment criteria for the existing offshore platforms have been described from the reliability analysis results based on probability failure and encounter probability.