Problem compiling view when it is referencing a table in an other view: insufficient privileges 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).
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. :)