Heat the oil in a pot set over medium-high. Add the onion and cook 2 minutes. Add the rice, garlic and oregano and mix well. Add the stock, red pepper and grated carrot and bring to a boil. Once it boils, cover, and turn the heat to its lowest setting. Cook 15 minutes, or until the rice is tender. Mix in peas, salt and pepper. Let the peas heat through a minute or so before serving.