Hi,
Yes, I set the LOCAL variable at the dbinit.sde file. At the new ArcSDE server I don't have others ORACLE_HOMEs.
I had stopped sde service but didn't delete, so I deleted it at the old ArcSDE server and created at the new ArcSDE server but I got the same error.
A little bit difference between old ArcSDE Server (32-bit) and the new one (64-bit) is that the new one is a virtual server but ArcSDE is installed in 32-bit.
Regards,
Ricardo