Step 1 In a medium saucepan over medium heat, heat the olive oil. Add the shallot and saute until transparent, about 2 minutes. Add the peas, one-half teaspoon salt, one-half teaspoon pepper and one-half cup water. Cook until tender, about 2 minutes. Remove from heat; cool 10 minutes.
Step 2 Heat the oven to 350 degrees. In a blender, puree the peas, milk, cream, eggs and grated cheese.
Step 3Meanwhile, butter 8 (3- to 4-ounce) ramekins. Divide the pea mixture among the 8 ramekins. Place the ramekins into a (9-by-13-inch) baking pan with at least 1 inch space between ramekins; add about 4 cups boiling water, filling to halfway up the sides of the ramekins.
Step 4Bake for 25 to 30 minutes, rotating the baking pan halfway through, until a knife inserted into the custard emerges cleanly.