Oracle 11g R2
Logged on: SYS / AS SYSDBA
When I try to compile or create a view that is referencing local schema tables. It works fine.
Problem does occur when I try to compile the same view referencing a table in another schema like schema.table in my query.
Oracle throws the exception ORA-01031: insufficient privileges.
Remember I am using SYS account (sysdba).
Best Answer
Even though you are using SYS (which you really shouldn't be), the view is stored in a SCHEMA1, as I will refer to it. SCHEMA1 is trying to select from a table, via the view, in SCHEMA2. Therefore, you need to grant SELECT access to SCHEMA2.TABLE to SCHEMA1.
And don't run things as SYS. :)