Heat olive oil and butter in a large skillet over medium heat. Once the butter is melted, add the shrimp to the skillet. Season with salt, pepper, and paprika. Cook for 2-3 minutes per side, or until the shrimp turn pink and are cooked through. Remove the shrimp from the skillet and set aside.
In the same skillet, add minced garlic and sauté for 2 minutes until fragrant, being careful not to burn it.
Pour in the heavy cream, stirring to combine. Let it simmer for 3 minutes to thicken slightly.
Stir in the Parmesan cheese and red pepper flakes. Simmer for an additional 3 minutes until the sauce is thickened and creamy.
Return the cooked shrimp to the skillet, stirring to coat them in the creamy sauce. Cook for an additional 2 minutes to heat everything through.
Sprinkle with fresh parsley and serve immediately. Optionally, serve over pasta or rice.