Just working on applying hammerite to some of the pipes to stop the rust and I found this..

The nipple shown had a drip of oil, and the whole area was oily. I gunked it all off to find a yellow panel.

First question, what is the point of this nipple?
Should I be concerned about the oil drip?
What is the yellow panel for?
I took it off to find a nut under it.. kinda feel it needed a sticker under it saying, "nothing to see here.. please replace cover"