Could be many, many things. First, how many KM? Over 200,000, don't waste your time, it is not worth it in most cases.
But......if there is no "check engine" light I would replace the catcon. OTOH if it is a 350, they are notorious for poor OEM valve seals which let oil in the combustion chambers and lead to high HC and CO levels. If the vehicle is using more oil than it should, like a litre every 2000 km or more (and it should burn none, these are tight engines) you are probably looking at valve seadl or a new engine. You would have to ask yourself if this is worth it for a 16 year old vehicle? My answer would be "no" since a proper engine replacement is at least $3000.