Heat oil over high heat (can skip oil if bacon is super fatty). Add bacon and cook for 2 minutes.

Add onion and garlic. Cook for 3 minutes until onion and bacon are golden.

Add remaining ingredients. Stir, bring to simmer, then place lid on.

Then either turn down heat to medium low (simmering gently) and cook on the stove for 1 hour, stirring every now and then so the bottom doesn't catch. OR bake at 160°C/325°F for 60 minutes.

SLOW COOKER option: Reduce water to 1/4 cup, transfer to slow cooker and cook for 6 hours on low.

The sauce should be thickened (cook with lid off for a bit if not thick enough) and glossy. Adjust salt and pepper to taste at the end. See notes for serving suggestions!