Heat the olive oil in a large casserole pan over medium-high heat.
Add the beef chunks in batches to avoid crowding the pan.
Let's brown all sides, which should take about 5-7 minutes per batch.
Remove the beef and set it aside. Then, add carrots, onions, and minced garlic to the same pan.
Cook until the onions become translucent.
Stir in the tomato paste, flour, and thyme, and then add the browned beef back to the pan.
Pour in the beef broth, red wine, and Worcestershire sauce.
Bring to a boil, then reduce heat to a simmer and cook slowly with the lid on for about 2 hours or until the beef is tender.