Can anyone offer any advice about the viability of using Oracle(commercial) as a remote/local database for Drupal 7?
I need to determine if this will work and convince my employer without incurring huge costs in testing.
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There is a stable Oracle database driver in Contrib: http://drupal.org/project/oracle
However, if you want to use Oracle for your main Drupal database, you will need to test each contrib module that you are planning to use for Oracle compatibility. Many still have MySQL specific SQL, even though the situation has improved a lot thanks to the new database abstraction layer.
Using the Oracle driver to access data from a secondary database for imports and so on should work fine, though.
Another option to consider might be the Forena module, which is built of the idea of using SQL to get data out of a database and use XHTML and CSS to format it into web reports. Oracle is one of the supported DBMSs ...