Brown roast on all sides in hot oil and butter in a large Dutch oven over medium heat for 30 minutes.
Add next 7 ingredients. Cover, reduce heat and simmer 2 hours. Add carrots and onion; cover and simmer 1 hour.
Remove roast and vegetables to serving platter; strain pan drippings.
Pour 2 cups strained drippings back into Dutch oven. Combine flour and water; stir until smooth.Pour flour mixture into drippings; cook, stirring constantly until thickened. Serve gravy with roast.