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Heat the olive oil in a large sauté or frying pan over medium-high heat. When hot, add the bacon and sauté until the bacon is rendered and crispy.
Remove bacon from the pan with a slotted spoon, leaving the bacon fat in the pan.
Increase the heat to high, adding the scallops to the pan and sauteing for 1 1/2 to 2 minutes per side—until a golden brown crust develops. Turn and brown the other side. Remove the scallops to a plate and set aside.
Return the bacon to the pan and add the butter, shallots, and parsley, and sauté 1 minute.
Reduce the heat to medium and add the cream. Simmer until sauce has reduced by half, about 4 to 5 minutes, and coats the back of a spoon.
Return the scallops to the pan to warm through, coating with the sauce.
To serve, ladle a couple of tablespoon of sauce on a serving plate, top with scallops, spoon some additional sauce on the scallops and garnish with chives, chopped parsley, and fresh-cracked pepper.