No. For offshore, the major expense for the driller is in the drilling rig or drillship which can cost upwards of $1B. For the operating company, it is the dayrate that the driller charges the operator which can be from $75k/day to $450k/day. Onshore rates are <$20k/day currently for Tier 1 rigs.

The offshore leases are expensive, but in the economic models they are not the primary driver of costs associated with the project. Same goes for onshore, but with less cost for the land rights and fewer regulatory hurdles.

https://www.ihs.com/products/oil-gas-drilling-rigs-offshore-...

https://rigdata.com/rigdata-insights/blogpost?BlogName=plumm...