Stir in the rice, coating it in the butter and oil, and cook for 1-2 minutes to lightly toast.
Pour in the chicken broth, bring to a boil, then reduce heat to low and cover. Simmer for 18-20 minutes until the rice is tender and broth is absorbed.
Stir in the heavy cream, cooked chicken, frozen peas and carrots, Parmesan cheese, and paprika. Cook another 5 minutes until creamy and heated through.