Heat a dutch oven over medium high heat. Add the olive oil and heat to shimmering.
Add the shallot to the oil and cook until softened, Stir in the garlic and cook for 1 minute longer.
Add the rice and stir to combine. Cook the rice for 2-4 minutes until slightly toasted.
Stir in the wine and 4 cups chicken stock and stir. Remove from the heat.
Transfer the dutch oven to a preheated oven and bake for 30 minutes or until most of the liquid is absorbed. Add 1 cup of the remaining chicken stock and stir to combine. Cover and return to the oven for an additional 15-20 minutes.
Remove from the oven and stir in the remaining chicken stock, parmesan, butter, salt and pepper. Stir quickly for approximately 3-4 minutes until the rice is creamy and has thickened slightly.
Stir in the peas and stir.
Serve hot with freshly shaved parmesan, chopped fresh parsley and basil, if desired.