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From what i recall the older 3.0L inline 6 motors had an issue with the nut holding the oil pump sprocket back out causing catastrophic engine failure. Usually when this occurs your engine is toast within seconds of running because there is zero oil being circulating after the nut backs out. I haven't heard of anyone with a modern bmw engine have this problem so I assume bmw changed the design to fix it.
Dropping the oil pan will tell you immediately if this is the case. I would do that instead of running the motor further.
Alan
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