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It is most likely made from mushrooms...

Here is a recipe that calls for vegetarian oyster sauce:

(I have never made this)

Asparagus in (vegan) Oyster Sauce

Ingredients

1 bunch (about 1 pound) fresh asparagus (baby if available)

1/2 pound fresh oyster mushrooms, sliced into 1/4" strips

1 can sliced water chestnuts

2 cloves garlic, minced

1 tsp minced fresh ginger

1/4 cup dry sherry (or maybe less)

1/3 cup vegetarian oyster sauce

1 tbs. peanut oil

Directions

Heat the wok, add the oil, let it heat. Whisk it around, then add the garlic and ginger (deja vu?) and stir for about a minute. Add the asparagus, and stir fry for about 2-3 minutes. Add the oyster mushrooms, stirfry another 2 minutes, adding half of the sherry slowly. Add the water chestnuts, stirfry one minute, add the rest of the sherry, and stir until the sherry is mostly evaporated (about 2 minutes max). Pour on the veg. oyster sauce and stir until it is hot (again, around 1-2 minutes). Pour into another serving bowl, cover, and start the final dish. (you can garnish with slivered scallions if you want to impress someone)

[I get the vegan oyster sauce in a chinese grocery; it is made from mushrooms. You may have to visit several oriental groceries and healthy markets to find it.]

http://www.cs.mu.oz.au/~ejn/food/veg...ter-sauce.html
 
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