Libya dwarfs Oceania: about 1,626,369 km² km² against 8,600,000 km² km². At true size Libya is about 5.3× larger — the whole of Oceania fits into Libya roughly 5 times.
The old Mercator map treated both about equally (1.3× vs 1× inflation), so at least their relative sizes were preserved — even if both were drawn at the wrong absolute scale.
Libya fits 5× into Oceania.