DIRECTIONS:

In a large, heavy skillet, preferably cast iron, saute the onion in the butter and the oil over medium-low heat until the onion is softened. Add the rice, and cook it, for 3 minutes. Add the green pepper, red pepper, garlic, basil, and 1 cup of the broth. Bring the mixture to a boil, stirring it. Lower the heat, cover the pan, and simmer the mixture for 10 minutes. Add--but do not stir in--the shrimp, peas, and, if all the liquid has been absorbed, the remaining 1/2 cup of broth. Cover the paella, and simmer it for 8 to 10 minutes or until the shrimp are pink and just firm and the rice is tender.