that is probably what is leaking. you have to get it fixed or you could possibly lose all of your oil within minutes. there is a fix for it and you dont have to have a dealer fix it an independent shop can fix it. timing case has to come off. you dont say what year your car is so i cant really tell you much more other then, dont drive it till you get it fixed. usually this seal is replaced with the timing belt repair. you may be due for that also. good luck..