Chile dwarfs Oceania: about 737,442 km² km² against 8,600,000 km² km². At true size Chile is about 11.7× larger — the whole of Oceania fits into Chile roughly 11 times.
The old Mercator map treated both about equally (1.5× vs 1× inflation), so at least their relative sizes were preserved — even if both were drawn at the wrong absolute scale.
Chile fits 11× into Oceania.