Oceania dwarfs Peru: about 8,600,000 km² km² against 1,296,279 km² km². At true size Oceania is about 6.6× larger — the whole of Peru fits into Oceania roughly 6 times.
The old Mercator map treated both about equally (1× vs 1× inflation), so at least their relative sizes were preserved — even if both were drawn at the wrong absolute scale.
Peru fits 6× into Oceania.