Heat a large skillet over medium heat, then add the olive oil, butter, and shallots.
Cook until the shallots are translucent. Stir in the garlic, lemon zest, salt and pepper.
Cook just until the garlic becomes fragrant, about 30 seconds.
Pour the rice into the pan, and stir to coat.
Add white wine, and cook over low-medium heat until the rice soaks up all of the wine.
Add 1 cup of chicken broth, and stir constantly for about 5 minutes or until the rice fully soaks up the broth.
Repeat the process by adding 1 cup of chicken broth at a time until all the broth has been used and the rice is fully cooked through.
Stir in the parmesan cheese until fully melted.
Serve with freshly minced parsley for garnish and lemon slices if desired.
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