yes it is an oil flooded rotary screw air compressor.
it is the compressor oil and around 100ml per day
the oil/water filter has been changed.
The air once compressed goes to separator to separate air and oil then it goes to a cooler (air cooler ).there condensation happens in the cooler ( because of the temperature drop) then the air leaves to dryer and then to process. the traces of oil/water in air stream are sent from the cooler to a oil/water filter.
Oil is coming from the auto drain of the air cooler
So your problem is oil carryover. What is the temperature of the compressor discharge stream? It should be 205-215F (around 100C). The oil is hydrophilic and will absorb a large amount of the humidity that is in the air. If you don't cook the water out of the oil, then the surface tension of the oil increases until very large droplets will fail to coalesce in your coalescing element and these large droplets will enter the cooler and cause downstream problems. If you raise that temperature the problem will tend to go away.
maybe the coalescer filter in the separator is not rated for the volume goin thru it, had that happen more than once, went to a pleated filter rated for more capacity and solved issue