Best stabiliser for oil in water emulsion ( frequently found in real cases) is iron sulphide generated by SRB bacterial activity. Fine FeS -coated oil can be obtained in water without dissolved oxygen by mixing H2S saturated water with some oil and divalent iron solution
if you want have oil in water emulsion you should use emulsifire with HLB=7 and higher and if you need water in oil emulsion you should use emulsifire with HLB=7 and lower.