Heat oil in a large heavy pot.
Brown beef in batches until golden on all sides.
Remove beef, set aside, keep heat medium.
Add onions, garlic, cook until soft and fragrant.
Stir in tomato paste, cook for one more minute.
Sprinkle flour, stir for thickening the stew base.
Pour in beef broth slowly, stir to avoid lumps.
Return beef to the pot, add potatoes and carrots.
Add celery, thyme, bay leaves, salt, and pepper.
Bring stew to a boil, then lower to simmer.
Cover pot, cook for 1.5 to 2 hours.
Stir occasionally, check tenderness of beef and veggies.
Add frozen peas, cook for another five minutes.
Remove bay leaves, adjust seasoning as needed here.
Garnish with parsley before serving the warm stew.