1. A method of performing production operations of an oilfield having at least one process facility and at least one wellsite operatively connected thereto, each at least one wellsite having a wellbore penetrating a subterranean formation for extracting fluid from an underground reservoir therein, the method comprising: identifying a plurality of simulators from a group consisting of a wellsite simulator for modeling at least a portion of the wellsite of the oilfield and a non-wellsite simulator for modeling at least a portion of a non-wellsite portion of the oilfield; defining a first strategy template comprising a first condition defined based on a first variable of the plurality of simulators and a first action defined based on a control parameter of the plurality of simulators, wherein execution of the first action during simulation is determined based on the first condition in view of a logical relationship; developing a first strategy for managing the plurality of simulators during simulation, wherein the first strategy is developed using the first strategy template; and selectively simulating the operations of the oilfield using the plurality of simulators based on the first strategy.