Melt butter in olive oil in a nonstick skillet with a tight-fitting lid over medium heat. Add orzo, onions and celery; sauté 3 minutes stirring often.
Add rice and cook an additional 3-5 minutes or until orzo is deeply golden and onions are softened. Add garlic and stir for one minute. Add chicken broth, bay leaf and all seasonings.
Cover and increase temperature to high. As soon as rice is simmering, reduce to LOW and cook for 10 minutes. Stir, replace lid and cook an additional 5-8 minutes or until liquid is absorbed. If the liquid absorbs before the rice is al dente, add up to ¼ cup additional liquid.
Add peas to pot, and fluff to combine with a fork. Replace the lid, and let the rice sit for 10 more minutes.
Remove lid, add almonds and fluff with a fork to distribute. Add salt to taste, as needed. Garnish with chopped fresh parsley, if desired.