AOL has announced that it has renewed its service and search engine marketing deal with Google for another five years.

Since 2002, Google has powered AOL’s search services as well as advertising via paid search engine marketing ads on AOL search. Both companies have a revenue sharing arrangement where Google is paid per-search conducted on AOL.

According to Reuters, this arrangement led AOL’s advertising revenue associated with Google to a total of $209 million in the six months ending in June 2010. The previous contract, signed in 2006, was set to expire in December and AOL has said that it entered discussions with several search companies before ultimately choosing to return to its existing partner.

“We wanted a better product and better revenue and better distribution of AOL content,” said Tim Armstrong, chief executive of AOL.

Under the terms of the new deal, AOL will also be able to extend its content marketing activities to YouTube with both companies sharing the ad revenue related to the videos. Both companies are also said to be working together on an AOL mobile search product, as AOL seeks to renew its focus on mobile apps and content.

“After nearly a decade long-partnership in search, we’re looking forward to expanding our global relationship to mobile search and YouTube,” said Armstrong. “All aspects of our partnership will be improved by this deal.”