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Have you checked the oil reservoir to make sure the cap is screwed on tight and the tank full of oil, also check to see if there is a reserve tank on the motor that might need oil as well? As far as I know it is a pressurized system and if not sealed correctly a warning buzzer will sound.
What kind of engine? 150 Johnson, assuming that's a two stroke? That's probably your low oil pressure alarm, for a 4 stroke, it would be crank case oil, not gear oilBeing a two stroke (if it is) you need to figure how to bypass that because on a 4 stroke it would be connected to a sender, but you usually can ground out that circuit or alternatively you could just clip the wire to the buzzer
If the alarm is a solid buzz, not a beep beep beep it is a overheat alarm. When was the last time the impellor was changed?
Have you called the OMC help desk? Or do you have the owners manual for your engine? There should be a trouble shooting section and a section that identifies what buzzes and beeps your motor makes for what reason.
So, I've actually dealt with this before. Almost certainly this is an error with your automatic oil pump. That alarm is to alert you that either your fluid level is low or that your pump isnt working, or maybe in your case it is telling you that the sender that says that you pump is working... isn't working. My buddy had a late 80s GT150 johnson with the same issue. We ripped the auto oiler off following some directions online and were able to turn off the alarm and then just premix gas from that point onward.To each their own, but this is the alarm that was designed to tell you that your oil pump isn't working (so you dont fry your engine).