Heat 1 teaspoon oil in a large skillet. Sprinkle beef with 1/2 teaspoon salt. Brown meat over medium-high heat in two batches; transfer to Dutch oven. Pour drippings into one-quart measure; add enough water to make 4 cups.
Heat remaining oil in same skillet. Add onions, peppers, jalapeno and garlic; cook 4 to 5 minutes, until softened. Stir in remaining salt and spices; cook 1 minute. Stir in tomato paste; cook 1 minute, then add 1 cup water mixture. Bring to a boil; scrape up any brown bits and stir into beef. Add remaining water; bring to a boil.
Cover and simmer over low heat 1 1/2 hours. Increase heat to medium; uncover and cook 30 minutes more.