A Renault Formula One car in 2016 livery is unveiled on a giant surfboard at Docklands ahead of the Australian Formula One Grand Prix in Melbourne on March 16, 2016. / AFP / Paul Crock / IMAGE STRICTLY RESTRICTED TO EDITORIAL USE STRICTLY NO COMMERCIAL USE (Photo credit should read PAUL CROCK/AFP/Getty Images)

The Renault Formula One team announced on Thursday that they have signed a new deal with BP which will see the global oil company join the recently reformed F1 squad in support of their ambition to fight for the World Championship in the next five years.

BP and Castrol, the oil company's global lubricant brand, will provide fuels and lubricants for the upcoming Formula 1 season, which gets underway in Melbourne, Australia, in March.

“The return of BP and Castrol, brands with such strong heritage in motorsport, is very good news and opens new opportunities for our Formula 1 team. BP's commitment highlights the ongoing appeal of Formula 1 to major multinational companies. We are very proud and motivated to have a technical partner and sponsor of this calibre,” said Jérôme Stoll, President, Renault Sport Racing.

BP and Castrol will be part of the Renault Sport Formula One Team as the official fuel and lubricants provider through the BP Ultimate and Castrol EDGE brands. The last time the two companies worked together was during the 1997 season when Williams Renault won both the Formula 1 Constructors Championship and the Drivers Championship.

“With the new aerodynamic regulations for the 2017 Formula 1 season, power sensitivity will increase. Therefore fuels and lubricants will make an even greater difference to the overall performance of the car than they have since the new power unit regulations have been introduced in 2014,” said Cyril Abiteboul, Managing Director, Renault Sport Racing. “The teams at BP and Castrol are very excited by the challenges offered by Formula 1 and we are confident they will help us achieve our ambitions for our new car in 2017 and beyond.”