Heat olive oil in a large heavy skillet over medium high heat. Cook sausage until browned on all sides. Remove sausage from pan, and set aside.
Pour in 1 can of beer to deglaze the pan, scraping up any blackened bits from the bottom. Place the red peppers, green peppers, onions and garlic in the pan. Stir in the remaining beer and the tomato paste. Season with oregano, cilantro, hot sauce, salt and pepper. Cover and simmer until onions and peppers are tender.
Slice the sausage into bite size pieces and add to the skillet. Cover and simmer until sausage is cooked through.