God appeared to Jacob again when he came from Paddan-aram, and he blessed him. God said to him, “Your name is Jacob; no longer shall you be called Jacob, but Israel shall be your name.” So he was called Israel. God said to him, “I am God Almighty: be fruitful and multiply; a nation and a company of nations shall come from you, and kings shall spring from you. The land that I gave to Abraham and Isaac I will give to you, and I will give the land to your offspring after you.” Then God went up from him at the place where he had spoken with him.
Here is God renewing the Abraham covenant with Jacob. Notice that this is not a new covenant, but a passing of the mantle of stewardship on to Jacob. This is the same covenant we are under, except this mantle of stewardship has gone to, and stayed with, Jesus himself.