The efficiency of Humicola lanuginosa and Candida cylindracea lipases to catalyse the regioselective esterification of butane-1,3-diol with oleic acid has been demonstrated in water-in-oil microemulsion systems stabilized with sodium (bis-2-ethylhexyl) sulphosuccinate as a surfactant in isooctane. Mono- and diesters were selectively synthesized with high reaction rates. The product distribution depends on the positional specificity of the lipases. Water-in-oil microemulsions appear to be an effective and fast system for the regioselective enzymatic esterification of diols.