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Petroleum practices involve high capital infrastructure together with complex production process for which performance measures can support examination of production within the petroleum industrial phases. The focus of this research is the performance measurement of existing and future petroleum operations. This study aims to develop a model to evaluate the employment of performance measurement in state-owned as well as private petroleum firms within the Libyan context to recognize existing activities as well as their influence on performance management. This research highlights some resources of firms including asset management and partnerships that influence their operations to acquire and multiply knowledge and technology, leading to more successful processes and better performance. This research aims to provide a model that comprises factors that may influence Libyan firms ‟ performance including exploration, drilling, production, reserves, technology upgrades and health, safety and environment. This research employed a mixed method of quantitative and qualitative approaches with a dominant quantitative method, correlation and regression tests were conducted.