Over medium-high heat, place a small saucepan over the flame and combine the orange juice, soy sauce, chili sauce, lime juice, garlic and ginger; bring to a simmer and reduce until slightly thickened about 10 minutes.
Under cool water, rinse the scallops and thoroughly pat dry with a paper towel.
Add the olive oil and butter to a large saute pan over high heat; season both sides of the scallops with salt and pepper, and once the pan is very hot, gently add the scallops to the pan, making sure they don't touch.
Sear the scallops for about 2 minutes on each side (depending on how big the scallops are - you are looking for the scallops to become opaque but not totally white as they will get chewy); they will become beautifully brown with a nice crust (but this will only happen if you patted them dry completely before cooking).
Remove the scallops from the pan to a dish and add the sauce to the hot pan.
Swirl the sauce around to pick up all the juice and bits from the bottom of the pan; add the scallops back to the pan to coat with the sauce.
Serve immediately over hot basmati rice and a side of crisp asparagus or other seasonal vegetables.