As long as the clearcoat is still there (not flaked off), it should only be oxidation and would polish out. I'd start with a swirl removal compound, which is generally a light rubbing compound, and see what happens. You'll need a polisher as you'll rub forever by hand. Start in just a corner and see what happens.
If you've never done paint detail, this might be a good project to learn it on. But ask some of your P-car friends if they know someone who does paint details and ask for some tutelige. They'll have some techniques they can teach you so you don't go hog wild and burn through the clear coat.
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GPRPCA Chief Driving Instructor
2008 Boxster S Limited Edition #005
2008 Cayman S Sport - Signal Green
1989 928 S4 5 spd - black
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