It’s quite common for an oil pressure sensor to develop a fault where it sends the incorrect information to the car’s computer which then lights up the low oil pressure warning. But since you’ve already replaced this sensor, maybe that’s not the case here.

The big clue is that fresh oil and filters improved things a little, which makes me think it’s a genuine oil pressure problem. I also reckon you might be bang on the target by suggesting that it’s an oil pick-up problem. The oil pick-up lives in the sump of these engines and if the pick up inlet is blocked or partially blocked by sludge from the engine, it can fail to suck up enough oil to maintain the correct oil pressure. The higher the revs, the bigger the pressure shortfall. Failing that, sludge can block the various oilways around the engine that allow the oil to get to where it needs to be. Either way, you wind up with insufficient oil pressure and flow and risk destroying the engine.

I wouldn’t have thought 136,000km on an engine would have it showing signs of oil sludging, but that’s based on proper maintenance (not to mention that even modern diesels are filthy things inside). Have you owned the vehicle from new? Has it always been serviced correctly and promptly? If it’s been neglected (even one skipped oil change) it can develop the deadly sludge and it can be all downhill from there.

Possibly the best course of action would be to remove the sump and check the oil pick-up strainer for signs of gunk and build up. If that’s okay, then two or three quick oil changes (say, every 1000km) with an engine oil designed for trucks (which has lots of detergent as an additive) might clean things up internally enough to keep the oil pressure light at bay.

The other thing to try would be a new oil pump. Like any engine component, these can wear out over time and kilometres but, again, I wouldn’t expect to see significant wear on one that’s just 136,000km old. Other causes to consider would be excessive bearing clearance in the engine (due to wear or damage). In that case, a tear down and rebuild is the best option, because worn engine parts don’t repair themselves.

Commercial vehicles like the Colorado can often lead a much harder life than passenger vehicles. And that means some areas can wear faster, differential bearings being just one of them. A Colorado that has been used to carry heavy loads or tow heavy trailers could easily be showing wear in the differential at this point.

The other thing that destroys differentials is driving the vehicle through water crossings. As an off-road capable vehicle, this is pretty likely in a Colorado., What happens is that water can enter the differential housing through the breather tube and contaminate the diff’s oil. At which point, wear is accelerated as the differential gears and bearings are no longer receiving the lubrication they need. Floodwater is particularly bad for diffs as it also contains lots of tiny grit particles which act as grinding paste inside the differential.

Any vehicle of this age can start to experience wear in the turbocharger. These units live a very hard life, spinning around at something like 250,000pm and operating in a very hot environment. Cracks can occur in the housings, the bearings can wear and even the blades of the turbocharger itself can break or become bent. All of these things will affect performance. And, unfortunately, it sometimes doesn’t matter how well the vehicle has been maintained. Turbos have a finite lifespan and that’s all there is to it.

But don’t simply assume that a lack of performance is due to turbocharger failure or wear. Sometimes on this model, the Exhaust Gas Recirculation (EGR) valve, which is designed to re-burn some of the engine’s exhaust to reduce tailpipe emissions, can become stuck open, reducing boost pressure and, therefore, performance.

Many workshops specialise in turbo-diesels these days, and should be able to help with a diagnosis.