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Heat the olive oil in a large saucepan on medium heat. Add the onion, garlic, smoked paprika, and bay leaf. Cover the pan with a lid and leave it for 2 minutes. Stir occasionally and cook until the onions are translucent. Drain the soaked peas and then pour them into the saucepan. Cover them with water and turn the heat down to medium-low. Cook for 30 minutes to 2 hours.