XML : XML in T-SQL being translated to Oracle

I couldn't get any results when I searched XML Oracle so hopefully we get some good insight here. I've got the following T-SQL:

  (       SELECT ' ' + mpi.CpeValue      FROM dbo.MitigationPatchInfo mpi      WHERE mpi.MitigationPatchId = mp.Id          AND mpi.InfoType = 'prereq'      FOR XML PATH (''), ROOT('CPE'), TYPE  ).value('/CPE[1]', 'varchar(max)')    

I'm not sure what this is doing. Can someone break this down a little bit and/or offer a PL-SQL equivalent?

Cheers guys