James's Curry Sauce

Heat oil in a small heavy-bottomed saucepan over low heat. Add curry powder, and cook, stirring constantly, for 3 minutes. Add onion, garlic, bell pepper, scallion, and thyme. Cook until vegetables are soft, 3 to 5 minutes. Add 3 cups water, and simmer over low heat for 1 hour. Add coconut milk, and stir until well combined. Strain into a small saucepan, and continue cooking until reduced and the sauce thickly coats the back of a spoon, 8 to 10 minutes more. Sauce may be stored, covered, in refrigerator for up to 1 week.