You have a 'low' pressure turbo that starts spooling at around 1200 rpm, unlike the high pressure turbo that kicks in around 2500 rpm and gives 13-17psi boost. Zoom, zoom.
Yes, the turbos have 2 internal O rings that can leak oil. The 'kit' to repair is around $150. The hard part is removing the turbo and putting it back in.
What destroys the O rings is running the turbo and turning the engine off before letting the turbo cool. There are truck repair shops that repair turbos, I do not know what they charge.
Not repairing the turbo is an option. I don't remember a turbo failing catastrophically. But the residual oil may have gotten into your ETM and clogged things up.
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Keeping it running is better than buying new
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