Had an older Evinrude that did the same thing. Did some tuning on the carb and now it runs better and no oil like that. I did check lower unit before writing it off as "fixed" though.
Ha thought that looked like an older Evinrude. My dads would do that and it was the oil injection. He had a leak around the oil pump and the seal around the shift linkage was worn out so it would drain down through the mid section and out around the prop.
My Johnson would do the same but it was from the new style gas tank over pressuring the system. It would get hot and you could watch the gas ooze out around the float bowl seal. I put a vent on the tank and bypassed the oil injection and it hasn’t happened since.
Gear oil has a distinct odor and that looks way too thin from the photo. Looks like excessive unburned fuel to me. Seen plenty of white gear oil but not black. If still not sure, 5 bolts and you can drop lower and see if the fuel ran down from the head. Good reason to change impeller also while there.
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