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Add all ingredients to food processor except for the olive oil, salt and pepper. Process until the ingredients form a paste. With the motor running, add the olive oil in a stream until combined. Season with salt and pepper, to taste.
In a medium saucepan, add rice, water and butter. Bring to a boil, reduce heat and cover. Cook the rice without stirring for 12 to 15 minutes. Fluff with a fork and serve with scallops.