The invention consists of a method for manufacturing an aqueous formulation containing at least one oil, and comprising the steps of mixing at least one associative polymer, one oil, and water, encapsulating the oil by increasing the pH to a value greater than 8, potentially precipitating the mixture by reducing the pH to a value less than 6, and potentially isolating the resulting particles by removing the water. The aqueous formulations, as with the aqueous dispersions, and the resulting solid particles constitute other objects of the invention.