83 944 Oil Leak

My 944 is leaking a good amount of oil from a bolt located on the lower passenger side of the engine (pictures below). You can see it from under the car and it only leaks when under power. There is a washer behind the bolt. Not sure if there is a gasket or if there's supposed to be. Wondering if anyone knows the purpose of this bolt and/or the best way to go about fixing it.