In a Dutch oven, heat oil over medium heat. Add carrots and shallots; cook and stir 12-15 minutes or until carrots are crisp-tender. Stir in garlic and thyme; cook 1 minute longer. Add water to cover carrots; bring to a boil. Reduce heat; simmer, uncovered, 20-25 minutes or until carrots are very tender.
Drain; cool slightly. Place carrot mixture, salt and pepper in a food processor; process until smooth.