Heat oil & butter in a very large saucepan or Dutch oven. Add chopped chorizo and cook until crispy.  Using a slotted spoon, remove the chorizo bits from the pan to drain on a paper towel.  Leave the resulting fat and juice in the pan.

Add the chopped onion to the pan and sauté for several minutes, until the onion is softened. 

Use a generous piece of kitchen twine to tie the thyme sprigs together. Place the bundle of thyme in the pot and tie the loose ends of the string to the handle of the pot.

Add the diced potatoes and bay leaf.  Sprinkle with smoked paprika.  Add the seafood stock.  It should be enough to cover the potatoes by an inch. Bring chowder to a boil, then reduce the heat so it simmers until potatoes are soft enough to crush against the side of the pot, about 10 to 15 minutes.  Add salt & pepper to taste.  Stir in the chopped red pepper.

Add the prepared seafood and gently stir to combine, making sure all pieces are fully submerged.  Simmer for 6 to 8 minutes, just until seafood is cooked through and opaque.  

Remove bay leaf and thyme bundle.  Add light cream and gently stir to combine.  Simmer for an additional minute until mixture is heated throughout.

Ladle hot chowder into bowls and serve immediately.  Top off each serving with crispy chorizo bits and chopped chives.