Heat oil in a 12-inch heavy skillet or stockpot over high heat until just smoking, then sauté garlic, onions and peppers, stirring, until garlic and onions are golden, about 2 minutes.
Add chorizo and cook, stirring, until it is lightly browned, about 2 minutes.
Add rice, wine, broth, and saffron and cook, covered and undisturbed, over high heat until most of liquid is absorbed.
Stir in shrimp, peas, and olives and divide into two individual baking dishes or a large baking dish, cover and put in heated 350 degree oven for 10 minutes, until the shrimp is cooked through and the rice has a toasted crust.
Garnish with sliced olives and serve.