Heat the butter and olive oil. Add the onion, garlic, scotch bonnet, and jalapeño. Cook down for 10 minutes
Add the honey, brown sugar, and mustard powder and incorporate. Cook for a couple minutes.
Add the Worcestershire sauce, tomato purée, rum extract, soy sauce, white wine vinegar, ketchup, tabasco sauce, and bay leafs. Cook until thickened. Add water to loosen.
If the onion chunks are too large for your liking, then blitz in a blender or food processer until smooth.
