Heat some olive oil in a large pot and fry the onion, garlic and red chili pepper. For a minute until the aromas are released.
Then add the carrots and tomatoes. Let them stew for a few minutes.
Now add the octopus to the stew. We then de-glaze it with the red wine and port.
Bring to the boil and add the bay leaves, thyme, oregano, pepper and salt and let the stew simmer for half an hour.
After half an hour, add the peas. Mix everything well and let everything simmer for another half hour.
In the meantime, you can also prepare the side dish, rice or Orzo.
After an hour, test whether the squid is cooked. If not, let it simmer a little longer.