Set the Instant Pot to 'saute' and add in the oil and butter.
Once melted, add in the chicken and cook for 3-5 minutes, just to get some color on it.
Add in the veggies, salt, and pepper, and let everything cook for another 2-3 minutes.
Stir in the rice and water.
Seal and lock the lid making sure the vent is closed.
Cook on high pressure for 25 minutes.
Let the Pot naturally release pressure for 10 minutes.
Manually release the remaining pressure.
Stir in the cheese and parsley.