You have oil dripping on the exhaust/cats. It usually comes from mthe spark plug tubes, or leaks from the bottom section of the cam cover. Do search on replacing the spark plug tubes if it's the tubes.
Next, look at the bottom edge of the cam covers. If you see a big drop of oil, the leak is likely from the cover. If its the cam cover, try this. One by one, take out the 3 or 4 bolts at the bottom of the cam cover. Meticulously clean the threads of the bolt and the hole. Goober some gasket maker from the center of the bolt to the head. More is more. Reinstall the bolt and torque to spec, do not over torque. I did this and the cam cover still weaps a bit but I don't get the smoke coming out of the vent like I did before.
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Current car
2000 Boxster 2.7l red/black
Previous cars
1973 Opel Manta
1969(?) Fiat 850 Convertible
1979 Lancia Beta Coupe
1981 Alfa Romeo GTV 6
1985 Alfa Romeo Graduate
1985 Porsche 944
1989 Porsche 944
1981 Triumph TR7
1989 (?) Alfa Romeo Milano
1993 Saab 9000
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