Hi welcome to the forum,
Well the best place to start on a problem like this is to check the basics.
Does the car have oil in it?
At this point the goal is to determine if the problem is electronic, possible loose connection at the sending unit or a bad sending unit. or is the engine really loosing oil pressure?
Find the oil sending unit on your car is the connector plugged in properly?
Normally located near the oil filter it should look like a bell with a single wire going to it.
Does the sending unit look damaged or is it leaking?
Does the dip stick have lots of crusty dried black oil on it will kind of look like coffee grounds?
Take the oil cap off and look under the cap and inside the opening, does both the cap and what you can see inside the opening look clean?
If you are unsure try to get pictures of what you see and post pictures of what you see.
Does the car have a oil light and a oil pressure gauge? if it has a gauge also what does it show for oil pressure when you first start it cold, once warmed up and driving down the road?
Please go by memory when responding,do not drive or run the car until you determine the engine is producing sufficient oil pressure to the engine at idle and off idle with a known functioning oil pressure test gauge.
You can get one from nearly any good auto parts store as part of their tool loaner program, you buy a used tool from them use it and return it for a full refund when your done. Napa and Auto zone have these programs other Auto Parts stores do the same thing. you have to check around.
the test kit will look like the one in this link from Amazon
http://www.amazon.com/Engine-Pressu...448148638&sr=8-3&keywords=oil+pressure+tester
If it is not a electronic issue, these V6 engines and any engine as old as yours is may have debris either in the oil pan that gets that gets sucked up into the oil pick up tube strainer while driving at a decent speed for a length of time causing the light to flicker or come on all the time while at that speed, once the car is shut off the debris falls back out of the strainer clearing the screen. once you start it up the light stays off and things seem normal.
The second possibility is debris could also be in the cylinder head clogging up the oil return holes, At idle things seem normal because there is not much oil flowing to the top of the engine at idle, once you drive faster down the road the clogged up oil drain holes cannot flow enough oil back to the oil pan fast enough to keep up with the demand, so the light will flicker or come one all the time while at that speed.
This would mean while you are driving down the road keeping up with traffic on the valve covers are filling up with oil starving the pump and engine of oil
if either of these two things are in fact what is happening to your car, Do not panic because either situation or both situations at the same time can be fixed by you with basic hand tools and elbow grease,and yes some parts.
the debris I am speaking of could be caused from a few things the first of the two likely culprits are if the previous owner didn't change the oil on a regular basis and only used the car for short trips the oil could have turned to a thick sludge which sticks to everything and eventually dries up in to a mess all throughout the engine, This mess will look like the used but black coffee grounds.
the second situation could be from the original timing chain set that GM used to help make the engine nice and quiet, this timing chain set had gears that had this fibrous plastic coating on the cam gear that would eventually spider crack and fall apart in chunks ending up in the oil pan.
At one point if the timing chain was changed to a better all metal timing chain set and the mechanic whom worked on it didn't remove the oil pan to clean it out this debris could be in there for years and never cause the owner any problems if they didn't drive the car fast enough to suck up this debris in the oil pan.
It could be the original timing chain in the car that has never been replaced that is simply falling apart like mentioned and needs to be replaced.
I will write more information that will help you once you respond to the few questions asked.
If you have checked the basics and do not see anything obvious, I would start with a oil and filter change for diagnostic purposes So purchase the correct weight oil for your car and ambient temperature your car encounters.
For now purchase inexpensive oil because you may need to dump it and change it again if you find debris like mentioned in the pan or valve covers.
or find out that you need to change the timing chain.
Some of this oil will be used to help determine what if anything is in the oil pan.
Continued in second post.