Argh. I had all kinds of stuff typed and accidentally closed my browser when looking for references....
FYI in 1999 you likely have an M52TU. Production dates starting 9/98 are M52TU engines.
Oil consumption is undetectable on my 1998 M52 over 8k km/6 month OCIs. It is atypical and in my opinion you should find the source of it. There is nothing "wrong" with BMW 5W30 that would cause consumption. You don't mention how many miles are on the unit or whether this lifetime of BMW 5W30 is your maintenance.
If you're "lucky", the oil consumption is from the CCV (PCV) system. Many here that aren't versed on "euro ways" may think that the CCV system is easily replaced and considered routine maintenance. On BMWs of this era it isn't. The CCV system is considered "long life"/lifetime - the part is ~$100 from discount OE sources and the factory procedure involves removing the intake manifold (there are alternate procedures). One alternate is
here .
Search around to find ways to check the CCV. If you remove the oil cap and there is any significant suction it is failed. If there's any kind of a cooing, screeching sound during cold start or light acceleration, it is also failed. I'm likely replacing my CCV as PM before winter.
Caution: "transition" cars near 9/98 sometimes have unexpected parts compliments (ie. the old CCV system on the new engine - one person with a 9/98 found that).
As you haven't mentioned if this was always your car, you may benefit from a round of Auto-RX. If you have some ring sealing problems instead of CCV problems it may help. Any oil consumption is atypical, hopefully you can fix it. I've successfully used ARX in a quality dino HDEO 15W40. If your climate suits, this is also a fine oil to run all of the time.
For oils, others have indicated. Anything ACEA A3 will be fine. Something with BMW LL-01 is preferred. ACEA A1 is insufficient.
- GC (my choice)
- M1 0W40 (have run in the past - prefer GC)
- BMW 5W30 (made my dad's 540 noisy over 40k mi despite half-dealer intervals, GC has cleared it up)
- Amsoil AFL 5W40
- any top notch 15W40 HDEO or 5W40 syn/semi-syn HDEO