Also known as Arabia or the Arabian subcontinent, it is the world's largest peninsula and covers 3,237,500 km2 (1,250,000 mi2). The area is an important part of the Asian continent and plays a critical geopolitical role of the Middle East and Arab World due to its vast reserves of oil and natural gas. The peninsula formed as a result of the rifting of the Red Sea between 56 and 23 million years ago, and is bordered by the Red Sea to the west, the Persian Gulf to the northeast, and the Indian Ocean and Arabian Sea to the southeast.