Oblivion is only a single player game. The devs decided they wanted to spend all their time making a great single player game instead of having to split their time between the two.
But the game looks amazing. I don't own it yet, but once I upgrade my computer I'd like to get it. My computer doesn't even meet the system requirements, they're very high.
You can see if your system can run Oblivion by
going here.
