Remove the left wheelhouse inner panel. Refer to Wheelhouse Panel Replacement in Body Front End.
Important
Clean the area around the sensor. Do not allow debris to enter the engine.
Disconnect the oil pressure sensor electrical connector.
Only takes two finger to unlatch.
Using J 41712 , remove the oil pressure sensor (1).
Installation Procedure
Notice
Refer to Fastener Notice in Cautions and Notices.
Apply sealant GM P/N 12346004 (Canadian P/N 10953480), or equivalent to the threads of the oil pressure sensor.
Using J 41712 , install the oil pressure sensor (1).TightenTighten the sensor to 30 N·m (22 lb ft).
Connect the oil pressure sensor electrical connector.
Install the left wheelhouse inner panel. Refer to Wheelhouse Panel Replacement in Body Front End.
Check and add engine oil if necessary.
This might help you how to disconnect connector.
https://www.silveradosierra.com/vortec-5-3l-v8/oil-pressure-sensor-electrical-connector-t21908.html
GM Part :98027456 SENSOR, Engine Oil Pressure/Temperature, SENSOR,ENGINE OIL PRESSURE(ALSO ORDER GASKET 94034148) $79.02
Production date on the door is 12/4; it was sold to me as a 2005. At the gauge cluster it is reading high when it gets warm.
Most likely you have an LLY motor
I would verify and put a machanical gauge on befor anything.