In small sauce pan combine all ingredients and simmer on med low heat until sugar is dissolved, ignite port carefully and remove from heat until flames go out, return to low heat and cook 2 - 3 minutes until reduced, strain and cool until needed. Pre heat oven to 375. Rub scallops with olive oil. Season with salt & pepper. Wrap scallops with bacon & secure with wooden skewer. Bake at 375 until bacon becomes crisp about 6 minutes. Drizzle with port glaze and serve warm. Serves 4.