More specifically known as the threaded hole for the bell housing wading plug, it is there to plug up and stop water entering the clutch when the vehicle is traversing deep water, if it's a Tdi there is also one in the bottom of the timing case at front of engine, left out between water crossings just in case the oil thing happens, I always leave them in and check, (take out) when servicing, "plugs in or plugs out the choice is yours".
As Discool say's, unhappy experience to find oil leaking from there.
Yeh not use to holes without plugs in important looking things. Happily no oil running out. And the Ol' truck doesn't use that much. Now just to get the drive shaft nut of the transfer box and we're away again.