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Oracle counts VMware as soft partition technology, so it must license for the entire server. After licensing, multiple instances of Oracle databases can be run with no additional charge.
See the following License example on the current Licensing Model for Oracle databases on VMware from VMwarews documentation (https://www.vmware.com/content/dam/digitalmarketing/vmware/en/pdf/solutions/oracle/oracle-databases-on-vmware-faq.pdf) For Oracle’s licensing information access: http://www.oracle.com/corporate/pricing/index.html.