In a small saucepan, combine the orange juice, orange zest, shallots and peppercorns and place over medium-high heat. Bring the saucepan to a boil and reduce by 2/3, about 3 minutes. Remove from the heat and strain into a heatproof bowl. Add the egg yolk and water and whisk to incorporate.
Set the bowl over a pan of simmering water and continue to whisk until the egg starts to thicken, about 2 to 3 minutes. Remove the bowl from the heat, and slowly drizzle a little of the clarified butter into the oil. Whisk constantly to incorporate. Return the bowl to the heat, whisk again, and when the egg starts to thicken again, continue to add more of the butter to the egg. Remove from the heat periodically to cool the bowl, and return it once it cools slightly. Continue in this on-the-heat, off-the-heat fashion until all of the clarified butter is incorporated. Remove the bowl from the saucepan, and season with the salt and peppers.
Yield: about 1 1/2 cups