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Steam frozen peas until tender (undercook them if you are reheating the dish prior to serving).
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Put chopped pancetta in skillet and cook until fat has rendered and pancetta is crisp.
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Move pancetta to paper to drain, but keep fat in skillet.
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Add breadcrumbs to fat. The breadcrumbs will absorb the fat very quickly, but keep stirring and turning the breadcrumbs for at least 5 minutes. You want the breadcrumbs to be nicely toasted and brown. If you need to add more fat, this is when you would add the olive oil.
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Add the pancetta to the breadcrumbs and add salt and pepper to taste. The pancetta is very salty, but you will need to add quite a bit of pepper. This is the only seasoning for the peas.
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Stir the pancetta/breadcrumb mixture into the peas and pour into your serving dish.
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Finely chop parsley and stir through.