Adjust oven rack to lower middle position and preheat oven to 325 degrees F. Season beef cubes with salt and pepper.
Heat the vegetable oil in a Dutch oven over medium-high heat, add the onions and cook, stirring occasionally, until tender and golden brown, 8 to 10 minutes.
Reduce heat to medium, add the garlic and tomato paste and cook until fragrant, about 1 minute. Stir in the flour and cook until lightly colored and no raw flour remains, about 1 minute.
Add the wine, scraping up any browned bits stuck to the bottom of the pan. Add the chicken broth, bay leaves, and thyme. Bring to a simmer and cook until slightly thickened, about 3 minutes. Stir in the beef and return to a simmer.
Transfer the pot to the oven and cook, uncovered for 90 minutes, stirring halfway through cooking.
Remove the pot from the oven, stir in the carrots and potatoes and continue cooking until the beef and vegetables are tender, about 1 hour, stirring halfway through cooking.
Remove the pot from the oven, discard the bay leaves, add the peas, and allow to stand for 5 minutes. Stir in the parsley and season with salt and pepper to taste, then serve. Leftovers should be stored in an airtight container in the refrigerator for up to 3 days.
Look for a beef chuck roast that has nice marbling, as it will be more tender. Cut the meat in uniform pieces so it cooks evenly, and don't cut them too large.
I like to use a dry red wine for this stew, I usually grab a cabernet sauvignon. Other good options are merlot, pinot noir, or shiraz.
You can omit the red wine if you don't drink alcohol; replace with additional broth.
Feel free to substitute other favorite vegetables if you'd like.
To make this in a slow cooker, you will ideally sear the meat since you won't get that exposed heat from the oven. Do that first using a couple tablespoons of oil, then transfer the meat to the slow cooker. Next, saute the onion, garlic and tomato paste as directed below, then deglaze the pan with the wine. Transfer all of that to the slow cooker. Add the broth, bay leaves, thyme, carrots and potatoes and cook on low for 8 to 10 hours. Whisk 1/2 cup flour with 1/2 cup broth and stir into the stew mixture, turn the slow cooker to high and cook for 10 to 15 minutes, or until thickened. Then proceed with stirring in the peas, parsley, salt and pepper to taste.