98 gs-r with 120 000km. The car is burning alot of oil under heavy acceleration, like i can go through half a litre in 2 days, but if i don't vtec oil consumption is fine. I've checked the tail pipe everytime i kick it, no blue or black smoke come out at all. I look under the oil pan, seem to be a bit of oil hanging on the drain bolt, but its not like dripping hard or anything. When i replaced the spark plugs, i notice there was fresh clean oil on one of spark plug in one cyclinder. THe car is fully tuned up. Could it be a bad seal??

 

I would say that your rings are going bad. Do a compression check

 

yes it could be your valve guide seals. We changed my little sisters and it solved the problem.
you could do a compression check, but its kind of odd that its just one.
if you do a compression check on all your slugs, and its all low and relatively close, then its your rings....but it sounds like a seal to me.