Production of ethyl esters from ethanol and cod liver oil by an immobilized :lipase (E.C. 3.1.1.3), Candida antarctica, in supercritical carbon dioxide is described. The effects of process parameters, such as density of the reaction/extraction medium, flow rate of the carbon dioxide, and ethanol substrate, were investigated. Further, the possibility of separating nutritionally valuable fatty acid ethyl esters during the process was evaluated. The results revealed that a high flow rate of ethanol influenced the purity of the product rather than promoting the enzyme reaction. Increasing the carbon dioxide flow rate did not strongly affect the extraction rate of ethyl esters, which suggests that internal diffusion/enzyme kinetics limit the efficiency of the process investigated. Additionally, the first fractions of the extracts obtained were enriched in short saturated fatty acid ethyl esters, whereas the last fractions contained a higher proportion of long unsaturated fatty acid ethyl esters.