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1
Put oven rack in the middle position and preheat oven to 325 degrees F.
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2
Heat the oil in a 4-5 qt heavy ovenproof pot (pot must have a lid) over moderately high heat until hot, but not smoking.
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3
Pat the meat dry and sprinkle with salt and pepper.
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4
Brown meat on all sides, about 10 minutes total. Lower the heat if the pot starts to scorch. Transfer meat to a plate.
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5
Add pancetta to oil in the pot and saute over moderately high heat, stirring frequently, until browned and fat is rendered, about 3 minutes. Add the onion, carrot, and celery and saute, stirring occasionally, until vegetables are softened and golden brown, 10 to 12 minutes.
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6
Add garlic, thyme, and rosemary and saute, stirring, until garlic begins to soften and turn golden, about 2 minutes.
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7
Stir in tomato paste and cook, stirring, 1 minute.
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8
Add wine and boil until liquid is reduced by half, about 5 minutes. Add water and bring to a simmer, then return meat along with any juices accumulated on plate to pot. Cover pot with lid and transfer to oven. Braise until meat is very tender, 2 1/2 to 3 hours.
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9
Remove pot from oven. Transfer meat to a cutting board.
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10
Skim the fat from the surface of sauce and discard along with herb stems. Boil sauce until reduced by about one third, about 5 minutes. Season with salt and pepper if needed. Cut meat across the grain into 1/2 inch thick slices and return to sauce.
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11
Optional: Beef improves in flavor if made 3 days ahead. Cool beef completely in sauce, uncovered, then cover and chill in the fridge. Reheat, covered, in a preheated 350 degree F oven until hot, 25 to 30 minutes, then slice meat.
