BMW 330Ci oil light just came on?

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Just driving back to work from my lunch and noticed the orange oil light came on. I am assuming this is related to the car needing an oil service. When I turn the ignition the dash says oil service 475 miles, so that’s gonna need doing real soon.

Am I right or is the oil light something more serious to be worrying about?

Cheers
 
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From reading a few forum posts sounds like its either low oil level or the oil sensor is broken. I am gonna nip out and check the oil levels but I am sure it will be linked to needing an oils service shortly.
 
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I havent been out to the car park to check the oil level just yet, will do it when I am leaving. But i did call BMW and asked them the price on an oil service, £160 which seems steep for what it is. So i asked what type of oil is used and was told 0W30 Synthetic, so i might try and source some of this myself to keep costs down. Any brand in particular i should be aiming towards?
 
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