Yeah I had that on my 320i. Thought it was the oil feed hole near the exhaust which can sometimes leak but turned out just to be the rocker cover gasket.
That replaced, no more oil smell.
It was worse in the morning.. 3km up the road pull into a gas station and oil smoke would start to pour out from the bonnet then stop all of a sudden. No leaks on the ground to show what was going on as it burnt off on the down pipes.
Hopefully this helps.
Yes... i'm a total car nut! Why else would I upgrade my mower to rev to twice its standard rpm!