Check Engine Light comes and goes when reving
 

I have a 2008 535i. I get the check engine light every time I floor it. I need to replace the engine oil cooler lines and possibly the oil cooler itself. Is this why I get the reduced engine power light? I am very new to bmw

Read the OBD codes with a BMW aware code reader. You can also get the freely available BMW tools that run on a Windows machine and a USB/OBD cable.