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So I just noticed this recently. There is a large accumulation of oil around the base of my egr valve. I cleaned the area and ran for a few days and the oil came back. It is leaking at the base of the EGR valve. I have also noticed a slight reduction in power and gas mileage. My guess would be oil blow by but I can't notice any oil out of the exhaust.
Has anyone experienced this???

'94 / 3100 V6 / auto / 187,xxx miles

Before you start your engine again, check the engine-oil dipstick for coolant contamination, especially since you have the 3100. Look for the oil to be chocolate milkshake-looking. If this is what you find, your probable fix will be to replace your LIMG (use the updated steel/rubber gaskets, NOT another set of the plastic OEM-type $#!t that GM pawned off on us). Fel-Pro makes a great steel set, and I've used Dorman's steel gaskets on a J-code 3100 and was very impressed with the quality and the price. Do everything you can not to start that engine again until you've fixed the leak and changed the oil as contaminated oil WILL lead to damaged bearings if you continue to run the engine.

Other possible causes are a severely clogged PCV valve and a badly worn engine. If it is not truly oil, but rather moisture (water vapor) mixing with carbon in the EGR and exhaust system, then replacing the EGR base-gasket might fix this symptom.

Thanks for the reply. I've done the lower intake already. PCV is new. Before I noticed the oil, there was moisture in the EGR passage causing the "milkshake" but only in the passage. There is no coolant in the oil. And, it is definitely oil coming out of the EGR valve base. Just checked the air intake tube and there is oil in it as well. Well enough to drip out when I removed it. Think I am going to have to face the fact that the engine is just worn. Stretch this baby out as long as I can....

The oil is most likely coming from the rear breather tube that goes to the back valve cover. The engine blow by is what's creating the excess vapor in the crankcase so yeah it's sucking that through the tube into the intake track and then pooling in the neck of the intake which will drip back down into the EGR inlet and appear to be leaking... it's honestly the only way the oil can get there.