Boil first 3 ingredients in heavy medium saucepan over medium-high heat until mixture is reduced to 1/4 cup, about 10 minutes. Add cream; reduce heat to low. Add butter, 1 piece at a time, whisking until just melted before adding more. Strain sauce, pressing on solids to extract as much liquid as possible. Return sauce to pan. Season with salt and white pepper. Place pan in skillet of warm water.
Sprinkle scallops with salt and white pepper, then dredge in flour, shaking off excess. Heat oil in large nonstick skillet over medium-high heat. Add scallops; cook until golden brown and just opaque in center, about 1 1/2 minutes per side. Divide scallops among plates. Top with sauce and chives.
