Use a generous amount of extra virgin olive oil, about 1 inch from the bottom of the pot. Set on medium heat. Throw in sliced onions, raise heat to medium high, cover pan and get the onions going. Once they are boiling in the oil lower the heat to medium low.
Add in peppers!! Keep heat on medium low and cover pot. Watch the juice from the peppers flow out and concentrate the flavors into the oil by reducing on low heat for the next 5 hours. Once the consistency is thickened a bit, your peperonata is ready!
Use as an antipasto or served on top of chicken/fish. Personally, my favorite is on a baguette with creamy goat cheese.