Preheat the oven to 400°F (200°C).
In a large bowl, whisk together 1 tablespoon sun-dried tomato oil, 1 tablespoon lemon juice, garlic powder, onion powder, 1/2 teaspoon salt, 1/4 teaspoon pepper and 1/4 teaspoon paprika. Add the shrimp and toss to coat.
Heat 1 tablespoon olive oil and 1 tablespoon sun-dried tomato oil in a large Dutch oven or ovenproof braiser over medium-high heat.
Working in two batches, place shrimp in a single layer and cook until opaque, about 2 minutes per side. Transfer cooked shrimp to a plate with a slotted spoon and set aside.
If the pan looks dry, add a small drizzle of oil. Reduce heat to medium and melt 2 tablespoons butter. Add the chopped shallot and sauté about 2 minutes until softened.
Add the Arborio rice and chopped sun-dried tomatoes and cook, stirring, until the rice edges look translucent or slightly toasted, about 3–4 minutes. Stir in the minced garlic and red pepper flakes and cook 30 seconds more.
Pour in 4 1/2 cups warmed low-sodium chicken broth, then add dried parsley, dried oregano, 3/4 teaspoon salt, and 1/2 teaspoon pepper. Increase heat to high and bring to a simmer.
When simmering around the edges, cover the pot and transfer it to the preheated oven. Bake 15–18 minutes, checking at 15 minutes for doneness; the rice should be on the softer side of al dente.
Remove the pot from the oven and stir in 1/2 cup chicken broth, the 3 tablespoons cubed butter, 1/2 cup Parmesan, and 1 tablespoon lemon juice. Stir vigorously until butter and cheese are melted and the risotto is creamy.
Stir in 1/4–1/2 cup heavy cream as desired for creaminess, then fold in the minced fresh basil.
Return the cooked shrimp to the risotto (or top the risotto with shrimp) and season with additional salt and pepper to taste. Serve immediately.