An oil-in-water-in-oil emulsion (O/W/O) comprising a first oil-in-water emulsion dispersed in a second oil, and a method of preparing the same. The O/W/O emulsion can be used as a drive fluid in an enhanced oil recovery process. The O/W/O emulsion of this invention may also be used as a lubricant, and has the beneficial property of being resistant to shear forces.