Perfluorodecalin, a perfluorocarbon (PFC), was used as an oxygen vector in culture media to enhance lipase productivity by increasing the oxygen availability to Yarrowia lipolytica. The effects of different concentrations of PFC were studied in shake‐flask yeast cultures at 160 and 250 rpm. Higher specific growth rates of Y. lipolytica were found with increasing PFC concentration and agitation rate. Lipase production by Y. lipolytica was enhanced 23‐fold with the addition of 20% (v/v) PFC at 250 rpm. Moreover, it is shown that using PFC and glucose as substrate is more effective in lipase production than the conventional use of olive oil. Copyright © 2006 Society of Chemical Industry