To inspire entrants, Castrol is offering free downloads of a remix and ringtone of the track by producer Russ Davies, son of Dave Davies from The Kinks.
The original Castrol ad featured a drop of Castrol GTX oil moving steadily from an oilcan into a spanner set to Mahler's Seventh Symphony. Following its success, several variations were made on the theme all with the same soundtrack. Castrol aims to refresh its signature tune to bring it into the 21st century.
Davies' track and ringtone are free to download from Castrol's website where you can also read his tips and then download the original track and free remixing software.
As well as getting the chance to create the soundtrack for Castrol's marketing campaign, the winner will also receive a pair of four-day VIP passes for next year's O2 Wireless Festival.
Rob Stroud, marketing manager for Castrol, said: "We put the 'liquid engineering' ad out in the 1980s and the music became synonymous with our Castrol GTX engine oils. Despite its age, the ad continues to pop up in places like YouTube."
Davies said: "I remember watching the ad as a kid years ago. The music had such a powerful presence and the drop of oil moving around the oilcan hypnotised me."