Heat olive oil and butter in a large oven-safe skillet or Dutch oven over medium heat. Add diced onion and cook until softened, about 5 minutes. Stir in minced garlic and red pepper flakes (if using) and cook for another minute until fragrant.
Add orzo pasta to the skillet and toast for 1-2 minutes, stirring constantly. If using white grape juice, pour it into the skillet and let it simmer for a minute while scraping up any browned bits from the bottom of the pan.
Pour in chicken broth, lemon zest, salt, and pepper; bring it all to a boil before reducing heat to low, covering it up as it simmers for 10-12 minutes until most of the liquid is absorbed.
Uncover the skillet and gently stir in shrimp ensuring they are mostly submerged in any remaining liquid before re-covering it again as it cooks for another 3-5 minutes until they turn pink.
Remove from heat then mix in grated parmesan cheese along with heavy cream letting them melt into a creamy smooth sauce.
After stirring in fresh lemon juice along with chopped parsley, adjust seasoning as necessary then serve hot garnished generously if desired!