On Wednesday, the frenzy got fresh fuel: Noble confirmed its earlier estimates that the field contains 16 trillion cubic feet of gas—making it the world’s biggest deepwater gas find in a decade, with enough reserves to supply Israel’s gas needs for 100 years.

It’s still early days, and getting all that gas out of the seabed may be more difficult than it seems today. But Noble and its partners think the field could hold enough gas to transform Israel, a country precariously dependent on others for energy, into a net-energy exporter.

Such a transformation could potentially alter the geopolitical balance of the Mideast, giving Israel a new economic advantage over its enemies…

Iran, Israel’s arch-nemesis and Hezbollah’s chief backer, has also weighed in. Tehran’s ambassador to Lebanon, Qazanfar Roknabadi, last month claimed that three-quarters of the Leviathan field actually belongs to Lebanon.

Mr. Landau, the Israeli infrastructure minister, denied the claim and warned Lebanon that Israel wouldn’t hesitate to use force to protect its mineral rights.