This paper reviews the role played by a company's project asset in stimulating operational performance for oil and gas company, which is moderated by asset readiness in life cycle activities. The constructs of this paper are based on a comprehensive review of recent literature on value management, asset management and asset life cycle costing. A detailed discussion revealed effects activities on asset acquisition, asset maintenance and asset disposal. Several risks also have been identified. Implementing good asset management system will give value to an organization. It considers and optimizes the conflicting priorities of asset utilization and asset care, of short-term performance opportunities and long-term sustainability, and between capital investments and subsequent operating costs, risk and performance. “Life cycle” asset management is also more than simply the consideration of capital costs and operating costs over pre-determined asset “life” assumptions. Truly optimized, whole life asset management include risk exposures and performance attributes, and considers the asset's economic life as the result of an optimization process (depending upon the design, utilization, maintenance, obsolescence and other factors). In summary, this paper highlights the importance of Asset life cycle activities toward operational performance of PBJV Company, as well as reviews the latest literature from the perspective of value and asset management.