I did some research it is actually very easy to change the location of the Octane repository. Here is how I did it in my dev environment:

NOTE: before you do this make sure that you have backups of ALL database schemas and repositories, I would also suggest first trying to perform this in an Octane dev environment

1: Stop the HPALM service in linux

2: Copy the whole Repo folder from the old location to the new location (there is no need in Octane to move repositories individually just move the whole parent Repo folder)

3: Verify the permissions of the folder and its subfolders/files once you move it (in my environment after I copied it in linux it changed the permissions to read only and Octane would not start so I ran the following command to give all users read/write ''sudo chmod -R ugo+rw /FolderName/repo''

4: Open the siteadmin.xml, change the ''storageFolder'' parameter to reflect the new location of the repository (before doing this make sure you can access the path in linux especially if the repository is not local to the octane server)

5: Restart the HPALM octane service and now it should point to the correct location, if it does not check the octane wrapper log, make sure that you can access any attachments that you add to entities.