I had created a HIBERNATE_SEQUENCE in oracle that is being used by 5 tables. The counter is not reset to the value in the table but it looks like the sequence is acting global. Is there a way that I could use one sequence generation per table?

why don't you just creat one sequence per table?
Hibernate_seq1, hibernate_seq2 ...

The rules in Oracle are 1 sequence per table because if you drop a table and populate it after you can have a hole in your sequence of several values.
So for the references tables use an unique specific key and for data tables use one seuqence for each and with hibernate reference them in your mapping files.

Why should I care about a "hole in my sequence of values"? They are surrogate keys, they don't have any meaning.

My "hole" :+) is only to define that if you drop a table you loose the value between x and y and if you are using one unique sequence for all your schema you re not able to use these after.
A hole in sequence is not important but it's not very clean in database development.

For example table Person 1 to 5000 and Product 5000 to 10000, if you drop Person the next value of your sequence will be 10001 and you have a "hole" of none used value 1 to 5000.

It's only a method for Oracle and the way one sequence for a schema is not a good thing. Nothing in relation with Hibernate.

Christian have you seen my post about sequence and strange value? because it's a big problem and I don't understand why. I think it comes from Oracle 8 but I m not sure.

For Adaniz, you can use this, and create some sequences and reference them in your mapping files.
<id name="id"
type="java.lang.Integer"
column="ID">
<generator class="sequence">
<param name="sequence">WTOLD.SEQ</param>
</generator>
</id>