The burning is definitely oil on the cats.
If you take the wheel off -- you might be able to determine if the oil is above or below your spark plug tube. It is not hard to replace the orings there and they do go bad.
If you can't tell -- I would use some simple green -- clean up the area and look for the source
after a few days.
Be careful -- those cats get really hot.
Mike
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Drivers: '15 Panamera Hybrid (wife's), ' 01 996 GT2, 00 Boxster S, '96 993 Çab/Tip (wife's)
Race Cars: '75 911 RSR Replica & '99 Spec Boxster
mike@lonestarrpm.com
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