During emulsification, amphiphilic clay particles (Na-montmorillonite) can move between the oil and water phase until they localize and form a structure. The concentration-dependent interaction between amphiphilic clay particles dispersed in the oil (oil-wet clay) and differently charged surfactants (CTAB, SDS and TWEEN 20) at the oil – water interface was investigated in order to describe the stabilizing effect of particles and a surfactant based on interfacial shear moduli measurements (G’int, G”int).In-situ measurements of the interfacial shear moduli of oil-water interfaces with clay under controlled surfactant loading show that oil-wet particles at the interface aggregate and desorb depending on the particle to surfactant ratio and on the interaction between the particles and the surfactant. Particles localized at the interface increase G’int until the surfactants adsorb at the particle interface and induce the formation of particle-surfactant aggregates. The cationic CTAB surfactant induces significant aggregation of particles at the interface depending on the particle to surfactant ratio. These aggregated particles at the interface are desorbed into the sub-phase with an excess amount of surfactant.The increase of G’int by the formation of particle-surfactant aggregates and the decrease of the interfacial moduli caused by desorption of the aggregates are directly reflected in the bulk rheological properties of the emulsion (G’, G’’) and in the emulsion stability. A particulate interfacial layer with high interfacial modulus and the desorbed particle aggregates with the surfactant synergistically enhance the emulsion stability by suppressing the coalescence between droplets, even with a small amount of clay particles (much less than 1 wt%), suggesting that oil-wet clay particles contribute significantly the emulsion stability.