I would check for a sticking pressure relief valve first. I'd also double check the pressure by connecting a mechanical gauge. If you're using the car's oil pressure gauge it could be a faulty sensor. Having said that, if the oil pressure light is driven by an independant switch that's unlikely.
Next thing to check would be to drop the sump and check the pickup strainer is clear and the pipe is not cracked or otherwise damaged and is sealed to the oil pump OK.
Oil pump change will require removal of the sump in any case so it makes sense to verify this. I don't have experience of this particular engine but changing the oil pump will require a fair bit of sripping down around the nose of the crank so you'll need the belts off, rear timing belt cover, front crank pulley and seal.
If the engine has showed any signs of oil starvation - knocking bearings, noisy lifters, etc. it might not make sense to go to all the work of changing the oil pump without removing the engine and stripping it to check for bearing damage. At that point a 2nd hand engine might be a better option.
Simple things first, though.. Sticking Vauxhall pressure relief valves are not unheard of.
Kevin