Pour the oil into a pan over low heat. Add the achiote powder and stir it in. Turn off the heat after a minute, letting the mixture rest for about 20 minutes.

While waiting, peel the shrimp, keeping the shells aside for later use.

Return the shrimp shells to the infused oil and heat them until their color changes.

Use a slotted spoon to remove the shells, leaving behind only the flavorful oil.

Add chopped onion and bell peppers to the pan. Cook them for about 5 to 8 minutes until the onion becomes soft and translucent.

Add in the minced garlic and cook for another minute or until it becomes fragrant.

Sprinkle salt and oregano into the pan.

Add the shrimp next, cooking them for about 2 minutes on each side, allowing them to turn pink and tender.

In a blender, combine the shrimp shells reserved earlier with the coconut milk, blending it until smooth.

Strain the mixture through a fine mesh strainer and pour the resulting liquid back into the pan with vegetables and shrimp.

Allow everything to simmer for a few minutes until fully heated.

Serve over a bed of cooked rice and garnish with freshly chopped parsley.