Mix together garlic powder, salt, and pepper in a small bowl and rub mixture all over roast.
Warm olive oil in a Dutch oven over medium-high heat. Sear meat in hot oil until the top and bottom are nicely browned, about 3 minutes per side. Sear the sides of the meat, about 30 seconds per side.
While meat is searing, combine the remaining ingredients in a large bowl.
After meat is seared all over, remove the pot from heat and pour soup mixture over the meat. Cover with the lid and place on the middle rack in the preheated oven for 2 ½ hours.