ExxonMobil, which operates Esso, Mobil and ExxonMobil in the UK, currently works with a roster of agencies worldwide, including Euro RSCG, McCann Erickson and DDB.
Media agencies include OMD, MPG and Universal McCann. Sources close to the review say it is expected to start at the beginning of next year.
The company that currently supplies 10% of the UK's total oil and gas production spent £8.9m across all media in UK.
The majority was spent on press and TV between August 2009 and July 2010, according to The Nielsen Company.
In the US, the company spent $111m on media in 2009 and $51m in the first seven months of 2010, according to Nielsen.
In 2008 an ad for the company was banned by the Advertising Standards Authority (ASA) for claiming its liquefied natural gas development was one of the cleanest sources of energy and was environmentally friendly. The watchdog banned the ad for being misleading.
A spokesperson for ExxonMobil was unavailable for comment.