Classic gasket fail on the Z4, leaks onto exhaust shield and exhaust producing burnt oil smoke. Get yourself a replacemnet gasket set that comes with main cover gasket, centre plug well gaskets and 15 round rubber seals for the cover retaining bolts. All will have become hard and brittle from age and repeated heat cycles. Use Hylomar Blue gasket seal only on and around the half moon shapes at the front and rear of the cover where the main gasket changes direction and across the flat at the front by the vanos. I used an Elring replacement set and then sourced the round seals from BMW but you can get complete sets on ebay thaqt include all.
Second point for oil leaks is the oil filter housing where it bolts to the engine block. To replace this the alternator has to be removed to get at the bolts holding the filter housing to the block. The replacement gasket is cheap and easy enough to fit once the alternator is out of the way.