The other option is to create a default project for the oracle user.

# projadd -U oracle -K \
"project.max-shm-memory=(priv,4096MB,deny)" user.oracle

What this does:

Makes a project named "user.oracle" in /etc/project with the user oracle as it's only member.
# cat /etc/project

system:0::::
user.root:1::::
noproject:2::::
default:3::::
group.staff:10::::
user.oracle:100:racle:roject.max-shm-memory
=(priv,4294967296,deny)

Because the name was of the form "user.username" it becomes the oracle user's default project.

The value of the maximum shared memory is set to 4GB, you might want to use a larger value here if you have more memory and swap.

No reboot is needed, the user will get the new value
at their next login.
Now you can also modify the max-sem-ids Parameter:

# projmod -s -K "project.max-sem-ids=(priv,256,deny)" \
user.oracle

Check the Paramters as User oracle

$ prctl -i project user.oracle

project: 100: user.oracle
NAME PRIVILEGE VALUE FLAG ACTION RECIPIENT
project.max-contracts
privileged 10.0K - deny -
system 2.15G max deny -
project.max-device-locked-memory
privileged 125MB - deny -
system 16.0EB max deny -
project.max-port-ids
privileged 8.19K - deny -
system 65.5K max deny -
project.max-shm-memory
privileged 4.00GB - deny -
system 16.0EB max deny -
project.max-shm-ids
privileged 128 - deny -
system 16.8M max deny -
project.max-msg-ids
privileged 128 - deny -
system 16.8M max deny -
project.max-sem-ids
privileged 256 - deny -
system 16.8M max deny -
project.max-crypto-memory
privileged 498MB - deny -
system 16.0EB max deny -
project.max-tasks
system 2.15G max deny -
project.max-lwps
system 2.15G max deny -
project.cpu-shares
privileged 1 - none -
system 65.5K max none -
zone.max-lwps
system 2.15G max deny -
zone.cpu-shares
privileged 1 - none -