The present invention is directed to monoester-based drilling fluid compositions and the method of drilling a borehole with said compositions. In some embodiments, the methods for making such monoester-based lubricants utilize a biomass precursor and/or low value Fischer-Tropsch (FT) olefins and/or alcohols so as to produce high value monoester-based drilling fluids. In some embodiments, such monoester-based drilling fluids are derived from FT olefins and fatty acids. The fatty acids can be from a bio-based source (i.e., biomass, renewable source) or can be derived from FT alcohols via oxidation.