The cam sensor dies or goes weak, the car switches to limp
mode and the emissions go in the crapper, this triggers the O2 codes.
the code reads take you 90% of the way but a good diag
machine that can display the readings while the engine is
running may help. Bottom line youll eihter pay via swapping
out parts or paying labor or worst case both!
When the sensor dies the engine wont run as I recall,,,
there's various threads about this so some searching may
help, also try searching bimmerforums. Theres fair wide
spread tech info there....
Long distance trouble shooting whoooo hooo!
Dave