Heat oil in large dutch oven on stove top on medium high heat
Season meat with salt and pepper then sprinkle flour over meat and toss to coat lightly
Working in batches add meat to dutch oven and brown on all sides then remove to a plate and set aside.
Add butter to dutch oven and add onions, celery, and 1 chopped carrot (5-6 1 inch pieces). Cook, stirring occasionally, until onion is softened and slightly transparent.
Add the garlic and cook stirring frequently until fragrant, around 30 seconds.
Add tomato paste and cook stirring frequently until slightly darkened, around 1 minute.
Add the water and scrape any brown bits from the bottom up the pot. Then add your meat back in with the beef stock, Worcestershire sauce, bay leaves, and thyme.
Bring to a low simmer and then cover and transfer dutch oven to the preheated oven.
After 2 hours remove from oven and skim any fat from the surface with a spoon. Then add the potatoes and remaining carrots and return to the oven.
After an hour remove from oven and discard bay leaves and thyme then add peas and stir to combine. Let sit for around 5 minutes for peas to warm then serve.