What is this smoke coming from the engine compartment?

What is your question?

When the car heats up if I stop at a lightt or park an oily smelling smoke rises from the area between the rear of the engine and the fire wall. It really smokes alot. A while back I had a flickering oil press light thenabout say two weeks ago it started smoking real bad. Could this be a blown seal with oil leaking on to the hot exhaust maybe?