Place a large skillet over medium-high heat, then add the olive oil and 2 tablespoons butter. When the oil is hot and the butter has melted, add the shrimp and sprinkle with a generous pinch of salt and pepper. Cook, stirring occasionally, until the shrimp are pink in color and cooked, 2 to 2 1/2 minutes. Quickly remove them from the skillet.
Add the remaining 10 tablespoons butter and the cream to the same skillet. Cook for an additional 2 to 3 minutes, reducing the heat as needed, making sure it doesn't boil. Stir in 1 1/2 cups Parmesan, the lemon zest and garlic. Return the shrimp to the skillet and coat in the sauce, then add the parsley and toss to combine. Taste and adjust the seasoning as needed.
Sprinkle over the remaining 1/2 cup Parmesan and more parsley, and garnish with lemon wedges. Serve straight from the skillet.