Heat oil in a large pot over medium-high heat. Add the beef and cook until browned, stirring occasionally, about 5 minutes. Add the onion and garlic and cook, stirring occasionally, until softened, about 3 minutes.
Stir in the tomato paste, beef broth, oregano, thyme, bay leaf, Worcestershire sauce, salt, and pepper. Bring to a boil, reduce heat to a simmer, and cook, stirring occasionally, for 1 hour.
Add the carrots and celery and cook for 30 minutes more.
Stir in the peas. In a small bowl, whisk together the flour and water until smooth. Slowly stir the mixture into the stew and cook for 10 minutes more.
Remove from the heat and serve.
Interesting Facts
This beef stew can be made ahead of time and stored in the refrigerator for up to 3 days or frozen for up to 3 months.
Beef stew is a perfect meal for a chilly night and can be served with crusty bread, mashed potatoes, or rice.
The slow cooking process helps to tenderize the meat and create a delicious and flavorful stew.