Heat olive oil and butter in heavy pan over medium heat. Add shallot, cook for 1 minute. Add garlic, cook for an additional minute.
Sprinkle orzo over shallot and garlic mix until lightly brown. Season with salt and pepper.
Slowly pour in vegetable broth and cream. Bring to a boil then turn the heat down to simmer and cover. Cook for 5-10 minutes until orzo is tender.
Remove lid and stir in the Parmesan cheese and fresh parsleyServe immediately