Finally after innumerable CTD-s and Game freezes which made the Game almost unplayable, I discovered the problem. I started comparing the original oblivion_default.ini file and the nehrim_default.ini file because I started to suspect the Nehrim Launcher for my problems. Since I could play my original Oblivion Game without any problems whatsoever, I figured that the nehrim_default.ini file created by the Nehrim Launcher causes the crashes.
The solution: first remove the nehrim_default.ini file in your game directory by remaming it nehrim_default.old. Now move a copy of your oblivion_default.ini file from your original Oblivion folder - you did remember to make a copy of Oblivion before installing Nehrim I hope !!! - and simply rename it nehrim_default.ini .
After this change I have played Nehrim smoothly without any crashes or freezes for hours. As I mentioned I am playing the Steam version on Windows 7, but I am pretty sure that it would work with any version.
The comparison of the ini files showed that the one created by Nehrim Launcher is full of unnecessary parameter statements which will eventually drag the Game down.