The Santos Ltd (ASX: STO) share price finished March up 6.6% for the month.
At the closing bell on 28 February, Santos shares were trading for $7.26 and by the close on 31 March they were worth $7.74.
Here's what helped propel the S&P/ASX 200 Index (ASX: XJO) energy giant higher.
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Oil prices up and new oil zone discovered
With the bulk of its revenue coming from oil and gas, the Santos share price has benefited from rising energy prices.
As some of the biggest economies in the world embargoed Russian oil and gas imports following its invasion of Ukraine, Brent crude oil topped US$128 per barrel on 8 March. That was up from US$78 per barrel on 1 January.
Brent slipped from those highs to finish the month at US$108 per barrel, up 6.6% from the US$105 per barrel it was worth on 1 March, according to data from Bloomberg. That 6.6% gain, as you may have noticed, is in line with the Santos share price gain over the month.
The ASX 200 energy stock also released positive news over the month.
On 21 March, Santos reported a 17% increase to prior flow rate estimates from its Tanumbirini 2H and 3H horizontal gas wells in the Beetaloo Basin located in the Northern Territory. Santos operates the project as a joint venture with Tamboran Resources Ltd (ASX: TBN).
Two days later, on 23 March, the Santos share price slipped amid sliding oil prices despite the company reporting a significant oil discovery at its Pavo-1 exploration well in the Bedout sub-basin, offshore Western Australia.
Commenting on that oil discovery, Santos CEO Kevin Gallagher said: "The Pavo-1 success is expected to support a potential low-cost tie-back to the first phase of the proposed Dorado development, with Pavo north having an estimated breakeven cost of less than US$10 per barrel."
Santos share price snapshot
The Santos share price is up 21.3% in 2022, compared to a year-to-date loss of 0.6% posted by the ASX 200.
Santos shares are up 1.96% in early morning trade today, at $8.075 per share.
