Your project requires that jar for it to work on Eclipse. Eclipse is telling you that it can't find that jar form the specified location. If you know where that jar is then you can change the path that eclipse is using by right clicking the project, selecting Properties and the Java Build Path.
Thanks for the advice. I saw the weblogic.jar at the Build path and edited the classpath variable entry, pointing it to the location of the jar file. The error was gone but I'm still not sure what I did was right. What do you think?