Preheat oven to 350°F (180°C). Line an 8x8-inch (2 L) baking pan with parchment paper. Place apricots and water in a large saucepan. Bring to a simmer, cover, stirring occasionally until apricots have absorbed water, about 7 minutes. Stir in jam. Remove from heat, then puree in a food processor. It doesn't need to be perfectly smooth.
Meanwhile, in a large bowl, stir oats with flour, brown sugar, baking powder and salt. Stir in peanut butter. Mixture should be clumpy and will not be smooth. Using your fingers, work in butter until mixture is crumbly. Place slightly more than half the mixture, about 1 3/4 cups (425 mL), onto the parchment paper in the pan. Press firmly to form a single layer. Top with apricot mixture then gently spread to cover.
Toss peanuts into remaining oat mixture, keeping the crumble as best you can. Crumble evenly over apricot mixture. Bake in centre of preheated oven 30 to 35 minutes, or until golden. Cool completely before cutting into bars.