Lipases (triacylglycerol acylhydrolases, E.C. 220.127.116.11) are ubiquitous enzymes of considerable physiological significance and industrial potential. Lipases catalyze the hydrolysis of triacylglycerols to glycerol and free fatty acids. Lipases find promising applications in organic chemical processing, detergent formulations, synthesis of biosurfactants, the oleochemical industry, the dairy industry, the agrochemical industry, paper manufacture, nutrition, cosmetics, and pharmaceutical processing. Commercially useful lipases are usually obtained from microorganisms that produce a wide variety of extracellular lipases.