Squeeze juice from both lime and pomegranate seeds with a citrus reamer or juicer.
Stir together pomegranate juice, lime juice, black pepper, red pepper flakes, ginger and sugar in small saucepan. Bring mixture to a boil, reduce heat to simmer and cover. Simmer for 15 minutes or until reduced by half.
While sauce is reducing, heat butter and olive oil in a medium pan until the butter stops bubbling. Place scallops in hot pan and sear for about 2 minutes each side or until golden brown. (Be sure to space the scallops so they sear and not steam). Remove from heat.