Ya.
The idiocy of the Japanese war effort is illustrated by the fact that they didn't have enough tankers to carry the oil, even if they COULD buy it. Before the war, something like half of their oil was carried in Allied tankers - and guess what, those went away when Japan declared war on them!
If the Japanese had actually had a strategy, instead of stumbling from one crisis to the next, they'd have doubled (or more) their oil tanker fleet before the war. Heck, if they did it right, they could have sold a bunch to the Brits from 1939-1941.
The other problem with Borneo was that the Dutch destroyed the refinery there. They tried to destroy the wells, but that's much harder. The Japanese had (probably) all the oil they needed - but couldn't hardly use it because it would have had to be shipped to Japan, refined, and shipped back for use in theatre. Not a very efficient way of operating. Even IF they'd had enough tankers, which they didn't.
As I understand it, some of the Japanese ships ended up burning raw crude oil, totally unrefined, for lack of anything better. (!!!)