Using a vegetable peeler, remove wide strips of zest from the oranges. Place the strips on a cutting board, and thinly slice lengthwise to form matchstick-size pieces. Place the zest strips in a small saucepan with the granulated sugar and water, and stir to combine. Place the pan over medium-high heat, and bring to a boil, stirring until the sugar dissolves. As soon as the syrup comes to a full boil, remove the pan from the heat, pour the syrup and zest into a glass jar, and cover with the lid. Let the syrup and zest cool to room temperature, then refrigerate overnight. The zest will keep in the refrigerator for up to one month (or up to one year if unopened).