If the treaties of Tordesillas and Zaragoza happened in that alternate world, they would prevent such Oceania. Picture related:

I have no idea on where those lines would be set up. But they would almost certainly not allow a New Beira and a New Algarve in the same longitude as a New Spain, unless one of them for some reason decided to not settle in those lands, and the Iberian Union still happened, and the other was allowed to settle in. Based on the rather aggressive expansion of those two governments in the Americas, I think that this is hard to believe.

The name of the Portuguese possessions would likely have something to do with religion or the local geography, instead of following a “New [insert place]” naming convention. More local placenames would be likely borrowed from the local languages, and then butchered into fitting Portuguese phonology.