The move follows the announcement of Statoil's planned merger with the gas and oil divisions of rival company Norsk Hydro to create the world's largest off-shore oil and gas operator.
Leo Burnett handled a chunk of Statoil's creative business, but stopped working for the oil company at the end of 2006. Statoil's media is handled locally by various agencies. It is considering consolidating into one media network.
Statoil's advertising has tended to focus on the nine markets where it has petrol stations. It owns 2,000 stations in nine countries across Scandinavia and Central and Eastern Europe.
However, following the merger, which is likely to be completed later this year, Statoil is expected to increase its levels of corporate advertising activity in key regions such as the UK, US and Asia.
Last month, Statoil reported a fall in first-quarter profits of 27 per cent to $4.1 billion.