Nascar has signed a five-year extension to its wide-ranging sponsorship deal with oil company Mobil 1.

The new deal runs until the end of the 2017 season, with Mobil 1 remaining the 'official motor oil of Nascar'. This season will be the 11th successive year the brand has been a partner of the series.

A Nascar insider said the deal was likely to be worth around US$3 million annually.

Mobil 1 will continue to have sponsorship rights across all Nascar championships from the Sprint Cup downwards, including presenting sponsorship rights to the Nascar Canadian Tire Series. It will also continue to give its name to the 'Mobil 1 Driver of the Race Award'.

The revised deal will also include a new digital strand, with Mobil 1 and Nascar working together on a new online feature designed to demonstrate the technology of the sport.

“We are pleased to welcome back Mobil 1 to our family of official Nascar partners," said Jim O'Connell, Nascar's chief sales officer.

"Mobil 1 utilises its official motor oil status as a critical and powerful part of the brand's marketing mix and we believe that the official motor oil status will continue to help move product off the shelf.”

Rebecca Aldred, Mobil 1's global brand manager, added: “As the lubricant technology of champion drivers and race teams, the renewed association between Mobil 1 and Nascar allows us to better engage motorsports fans by leveraging the excitement of racing.”

"Today, Mobil 1 is the world’s leading synthetic motor oil brand in no small part due to the commitment to supporting Nascar's three national racing series.”

As well as its central Nascar sponsorship, Mobil 1 sponsors former Sprint Cup champion Tony Stewart's car. It also has a major partnership with the McLaren Formula One team.