Heat oil in a large Dutch oven over medium heat. Once oil is shimmering add the chorizo and saute for 10 minutes, stirring occasionally. Using a slotted spoon remove the chorizo from the pan and transfer to a paper towel lined plate; set aside.
Add the butter, onions, celery and peppers to the same pot and saute for 8 to 10 minutes, until the onion is translucent.
Add the garlic, jalapeno, cayenne, oregano, thyme, and tomato paste and cook until all the vegetables and herbs are blended well.
Add the stock and tomatoes and bring to a boil. Stir in the rice, and add the sausage, bay leaves, salt, pepper and hot sauce.
Return to a boil, reduce the heat to low and simmer, partially covered, for 25 minutes.
Add 1/2 of the basil, 1/2 of the scallions, and 1/2 of the parsley, the lime juice and the shrimp, and stir well. Cover the pot, remove it from heat, and allow the jambalaya steam for 20 minutes before serving.
Garnish with the remaining basil, scallions, and parsley. Add hot sauce, salt, and pepper as needed.