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1. Drain the salt cod and pat dry with paper towels.
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2. Cut into 3-inch squares, leaving the skin intact.
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3. In a 12-inch terra cotta cazuela or metal skillet, heat the olive oil over medium heat. Add the garlic and the chile and fry, stirring occasionally, for 2 to 3 minutes, or until the garlic starts to turn golden. Using a slotted spoon, transfer the garlic and chile to a small bowl and reserve for garnish.
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4. Decrease the heat to medium-low and add the cod pieces to the oil. Simmer for about 10 minutes, being careful not to let the oil become too hot (it should just barely sizzle around the edges of the fish).
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5. Using a slotted spoon, transfer the cod to a plate and then pour the olive oil into a wide heatproof bowl to cool. Let rest.
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6. When the cod is cool enough to handle, remove any errant bones, leaving the pieces as intact as possible.
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7. Return the cod pieces, skin side up and in a single layer, to the pan and place over medium heat.
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8. Spooning 2 or 3 tablespoons of the olive oil over the cod and begin to rotate (or gently shake) the pan over the burner.
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9. Continue the motion until the oil start to emulsify. Continue to rotate the cazuela, interrupting only to add the olive oil gradually, spoonful by spoonful, until all the oil is incorporated. Depending on the quality of the cod, it will take anywhere from 15 to 30 minutes to make the sauce.
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10. Divide the cod onto serving plates and spoon the sauce over the top. Garnish with the garlic and chile. Serve hot or warm.
