Pat roast dry and rub all over with 1 1/2 tsp salt and 3/4 tsp pepper.
Heat oil in an ovenproof 5 quart Dutch Oven or heavy pot over high heat until hot but not smoking and brown roast on all sides.
Remove roast to a plate and set aside.
Add onions to the pot and saute over moderate heat, stirring frequently, until pale golden.
Add garlic, tomato paste, thyme and remaining 1/2 tsp salt and 1/4 tsp pepper and cook, stirring, for 2 minutes.
Add the wine and water and bring to boil.
Return beef to the pot, cover tightly, and place in oven. Turn beef over after 1 hours of cooking and then cook for another 1 1/2 to 2 hours Total cook time 2 1/2 to 3 hours until beef is very tender.
Let beef stand, uncovered, in onion sauce 30 minutes before serving.
Serve meat with onion gravy, accompanied by egg noodles.