The terms of the contract has not been disclosed, but sources say it an improvement on the one earlier signed three-years ago.
The South Africa-based outfit has moved quickly to tie the deal with the Porcupine Warriors to ward off interest from rival company Vodafone.
In another development, Ghana Oil Company Limited are set to renew its 'financially rewarding' sponsorship deal with giants Asante Kotoko, according to multiple reports in the West African nation.
The country's leading oil marketing firm are reported to be happy with their returns and are seeking to sign a two-year contract extension.
GOIL believe their association with the Porcupine Warriors has been rewarding amid threats of withdrawing a similar one with rivals Hearts
GOIL signed a GH¢ 40,000-a-month sponsorship deal with both Kotoko and Hearts respectively in June for one year.