Oil Change S54 Wheres the Drain Plug?

Okay. I own a 2.8 Z3 and can eaily identify the location of the oil drain plug. When I lifted my new 01 M coupe with the s54 motor it all looks different. For starters the bottom of the motor is covered with a plastic shield. There is no 17 mm drain plug visible (as indicated by my Bently manual). I do see a allen head socket plug next to a round cover (approx 3" in diamieter). Can some one advise as to the location of the drain plug. Is it necessary to remove the plastic covers? Removal looks like a lot of work just to drain the oil.