that`s the 3.0 litre engine oil separator , on the V8 engine a hose leaves the left cam cover at rear then goes to the oil separator behind right cam cover . a hose then goes from there to diaphragm on rear of plenum chamber in centre of engine .
why dont you just replace the hose for now and see if that helps . try e38 . org , they show v8 engine but the oil separator is incorporated into diaphragm so no separator at right side but at least give you better insight to repair .