Though I am not familiar with the 2007 model, on the e46s, I know that the low oil light comes on when you are down only about 1/2 quart. Does your model have a dip stick?
A half quart in 3000 miles is not cause for concern. Most of them burn a bit less than that, at least during the first 200k miles, but some burn more. It depends to some extent what kind of oil you are using. It will burn more Mobile1 than it will Castrol Syntec, for example.
I have an '04 330 that uses about a half quart in 7k miles between oil changes, and an '04 325 that goes through a quart every thousand miles. I am only a little concerned about the 325. I would not be at all concerned about a half quart in 3k miles.
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