Place the dutch oven on the stove top, add the cooking oil, and heat on medium-high heat.
Finely chop the onion, and add to the dutch oven once the oil is hot. Cook until onion is soft (3-4 minutes).
Add the ground beef, and cook until browned.
Preheat the oven to 350 degrees F.
Once the beef is cooked, mix in half the cheese, followed by the Cream of Mushroom soup, two soup cans of water, and the egg noodles. Stir until thoroughly mixed, then sprinkle the remaining cheese over the top.
Put the lid on the dutch oven, and place in the preheated oven. Bake at 350 degrees F for 1 hour.
Remove from oven, remove lid, and allow to cool for 10 minutes before serving.