This is a log file that comes from the Oracle Intelligent Agent. It generally lists errors the agent encounters so you probably should look at it before you get rid of it.
I think you have to take stop the agent before you can delete the file (and then remember to restart).
I don't know of a way to limit its size - I think you just have to delete it periodically.
In general the large size of this file is caused by attempts to connect to not started (idle or removed) instances. In this case it's recommended to shut down the agent when all instances are shutted down. Regards, Dima
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