Heat half the oil in large saute pan over medium-high heat. Add beef and cook, stirring constantly, until browned on all sides. (This may need to be done in batches to prevent overcrowding the pan.) While meat is browning, heat remaining oil in large saucepan. Stir in onion and cook until soft and translucent, about 4 minutes. Stir in green pepper, jalapeno and garlic; cook 1 additional minute. Add browned meat. Stir in chili powder, cayenne, cumin, salt and oregano. Stir in tomato paste and cook 2 minutes. Add water after all meat is browned. Bring to boil; reduce heat. Simmer until meat is tender and consistency is thick, adding additional water if needed, about 45 minutes. Adjust seasoning before serving.
This chili requires very little preparation. Any side dishes, like cornbread, can be made while the chili is simmering.