In this paper we use a phenomenological continuum theory of the Ginzburg-Landau type to address emulsion formation in water/light hydrocarbon/asphaltene systems.Based on the results of recent molecular dynamics simulations, we first calibrate the model parameters and show, that the theory produces a reasonable equation of state.Next, the coalescence of oil droplets is studied by a convection-diffusion dynamics as a function of both the surface coverage and the viscosity contrast between the asphaltene and the bulk liquids. We show, that, besides the traditional thermodynamic interpretation of emulsion formation, the timescale of drop coalescence can be controlled independently from the interfacial tension drop, which offers an alternative, solely kinetic driven mechanism of emulsion formation.