This work investigates the continuous production of fatty acid ethyl esters from soybean oil in compressed fluids, namely carbon dioxide, propane and n-butane, using immobilized Novozym 435 as catalyst. The experiments were performed in a packed-bed bioreactor evaluating the effects of temperature in the range of 30-70 degrees C, from 50 to 150 bar, oil to ethanol molar ratio of 1:6-1:18 and solvent to substrates mass ratio of 4:1-10:1. In contrast to the use of carbon dioxide and n-butane, results showed that lipase-catalyzed alcoholysis in a continuous tubular reactor in compressed propane might be a potential route to biodiesel production as high reaction conversions were achieved at mild temperature (70 degrees C) and pressure (60 bar) conditions in short reaction times.