In a small skillet, saute onion and garlic in 1-1/2 teaspoons oil until tender. Stir in the serrano pepper, oyster sauce, lemongrass and sugar; cook for 1 minute. Using two forks, shred enough beef roast to measure 1 cup (save remaining roast for another use); stir into skillet. Remove from the heat.
Spoon 1 tablespoon rice over half of each empanada wrapper to within 1/4 in. of edges; top with 2 tablespoons beef mixture and a basil leaf. Brush jelly over opposite half of each wrapper. Fold dough over filling. Moisten edges with water; press with a fork to seal and prick tops.
Place on a greased baking sheet. Brush tops with remaining oil. Bake at 425° for 10-13 minutes or until golden brown.
Wear disposable gloves when cutting hot peppers; the oils can burn skin. Avoid touching your face.