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sed -i "s:'/data1/test.log':'$ORACLE_HOME/test.log':" file

Another one:
awk 1 RS=\~ infile | awk 'NF{if (/name/)print RS;print p;p=$0}END{print p}' | awk '{gsub(ORS,"~");print $0 "~"}' RS=

try this ;)

# cat file1
"0001"~"name"~"bb"~"20.25"~"0010"
~"abc"~"0002"~"name"~"dd"~"35.50"~"25"~
"xxx"~"0003"~"name"~"aa"~"21.3

5"~"0056"~"ijk"~



"0001"~"name"~"bb"~"20.25"~"0010"...