Heat 1 1/2 teaspoons oil in a large nonstick skillet over medium-high heat. Add half of shrimp; saute 3 minutes or until done. Place shrimp in a large bowl. Repeat procedure with remaining oil and shrimp.
Combine bell pepper and next 10 ingredients (bell pepper through bay leaves) in a medium saucepan over medium-high heat; bring to a boil. Cover, reduce heat, and simmer 8 minutes or until tender.
Pour pepper mixture over shrimp; add the cilantro, stirring to combine. Cover and chill 8 hours or up to 2 days, stirring occasionally. Discard the bay leaves.