Begin by making the Shrimp Stock: In a three quart saucepan, bring the water and shrimp peels to a boil. Boil for thirty minutes, skimming the foam as it forms. Make sure all the liquid doesn't boil away. You should have a cup of stock left at the end. Pour the stock through a sieve, to remove the peels.
In a Dutch oven, on low heat, cook the onion and garlic in one tablespoon of the olive oil. Cook until the onion is softened and then add all the spices, herbs, wine, Worcestershire, lemon juice, hot sauce, and shrimp stock. Simmer for ten minutes.
While the sauce is simmering, heat the last tablespoon of oil in a large skillet, and sear the shrimp on both sides. Add the sauce from the Dutch oven to the shrimp and simmer until they're just cooked through, about three minutes. Remove the pan from the heat and stir in the butter one teaspoon at a time. Don't add another teaspoon of butter until the last one is fully melted. Serve with rice or grits.