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 condition based on comparing a value of a first variable of the plurality of simulators to a threshold using a comparative operator, the threshold comprising at least one selected from a group consisting of a pre-determined value and a second variable of the plurality of simulators; defining a first action based on applying an action operator to a control parameter of the plurality of simulators; defining a first strategy template comprising the first condition and the first action, 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 by: defining the logical relationship for determining the execution of the first action based on the first condition during simulation; configuring the first condition by associating the first variable to a first simulator of the plurality of simulators and to a first entity of the oilfield, the value of the first variable being published by the first simulator during simulation of the first entity; and configuring the first action by associating the control parameter to a second simulator of the plurality of simulators and to a second entity of the oilfield, the second simulator performing simulation responsive to the control parameter of the second entity; and selectively simulating the operations of the oilfield using the plurality of simulators based on the first strategy.