As someone with oily skin, I've been searching a long time for a foundation which will stay in place all day. I'm not a fan of thick layers of foundation covered in layers of powder, so thought I'd seek out a foundation which I could wear lightly dusted over concealer, and one which is pale enough for my very pale skin (about an NC15 in Mac)
Whilst in Tesco, I came across Barbara Daly One-Step Foundation for £8. It came in a range of light colours, including the very pale "Warm Ivory" which blended in really well with my skintone - no orangey-ness and easily blended so it isn't too pale.
The foundation is a sheer powder which can be built up to give a high level of coverage (see pictures below). It comes with a sponge in a compartment underneath the pan but I prefer to apply with large foundation brush.
As I said, it can be built up to give a really good coverage, covering the red areas around my nose, but light enough to show natural skin such as my freckles. I've applied it below to my bare skin without any concealer to show you the full effect. It can also be applied damp to give a more creamy, thick coverage. Daily, I prefer to apply concealer under my eyes, and to blemishes, then work this over my skin with a large brush.
As you can see it covers any shine but also has a lovely dewey finish, and not powdery and dry like other powder foundations. It reminds me a lot of the expensive Bare Minerals foundations, which you can swirl and work in to give a creamier finish; except the palest colour of Bare Minerals is very orange on my skin.
The powder sets well and although it does wear off throughout the day, it doesn't have the "melty" look a lot of oily-skinned girls will know and dread. I'm not sure this would work well for people with very dry skin, it does have a tendency to cling to areas of flaky skin and accentuate them.