Warm oil in a heavy bottomed pot over high heat until very hot.
Pat beef dry and sprinkle with the salt and pepper.
Add beef to the pot in batches and brown well all over. Transfer to a plate. Repeat with remaining beef.
Lower heat to medium. If the pot looks dry, add a touch more oil.
Stir in the onion, carrots, and celery; saute for 5 minutes until vegetables have softened. Add garlic and cook for 30-60 seconds until fragrant.
Add flour, and stir for 1 minute to cook off.
Slowly pour in the beef broth and whisk to combine until the flour dissolves.
Add in the water, Worcestershire, beef bouillon cubes, and tomato paste; mix well.
Toss in the bay leaves and thyme.
Return beef to the pot (including any juices). Liquid level should just cover.
Bring to simmer, then adjust heat to low / medium-low so it’s a gentle simmer. Cover with lid, cook for 2 hours until the beef is tender.
Add in the potatoes; simmer for another 20-25 minutes (without the lid) until the potatoes and beef are very tender, the sauce has reduced and thickened slightly.
During the last 5 minutes add in the peas.
Skim off fat on surface, if desired. Discard bay leaves and thyme.
Adjust salt and pepper, to taste.
Ladle into bowls, sprinkle with some fresh chopped parsley and enjoy with crusty bread.
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