The performance of a crude extract lipase from Pseudomonas fluorescens in esterification was evaluated in microaqueous, biphasic and surfactant-enriched biphasic systems containing various amounts of water (from almost no water to pure water). The results showed a strong negative influence of the water content on the thermodynamic equilibrium of the reaction in biphasic systems. From a kinetic point of view, the enzyme was more efficient in systems involving a water/organic solvent interface (4 times in the biphasic system, 12 times in the surfactant-enriched biphasic system).