Mercedes have won the last eight constructors’ titles and have been with Petronas since 2010.
The Malaysian oil company will remain title sponsors and technical partners of the team until 2026.
Mercedes team principal Toto Wolff: “We are family, and we will be one team for many more years to come”.
Mercedes is third in the constructors’ championship, 35 points behind Ferrari but 174 adrift of leaders Red Bull.
Psychologically, it can be quite important, but nevertheless to see that improvement we’ve made through the season.
I think it’s looking really good going into next season, says Russell.