Step 1: Juice of the oranges which should yield about 3/4 cup juice -- if you do not get enough juice from the oranges add water to equal 3/4 cup.
Step 2: Slice off the top and bottom 1/2 inch from each of the remaining oranges. Stand each one on one of its flat ends and a knife to cut down and around fruit, peeling away all the skin and white pith. turn each orange on its side and slice crosswise into rounds. In a 13 x 9 inch baking dish arrange the rounds in a single layer.
Step 3: In a saucepan over medium high heat, combine the sugar, 1/4 cup juice and the cinnamon (or star anise) and bring to a boil and cook until the sugar begin to color (under 5 minutes).
Step 4: Reduce heat to medium low and cook swirling pan often until the sugar is coppery brown (a few minutes). Remove from heat and add the butter whisking until blended.
Step 5: Add a splash of the remaining juice, whisking until smooth and then whisk in the remaining juice. If the caramel separates and sticks to the bottom of the pan, return it to the heat and simmer until the hardened caramel dissolves.
Step 6: Pour the caramel over the oranges, cover with plastic wrap and refrigerate for at least 3 hours or up to 6 hours.
Step 7: Using a slotted spoon transfer the oranges to a serving platter or individual dishes. Remove and discard cinnamon or the star anise from the caramel and then whisk again and mix in any of the juices. Pour the caramel over the oranges and serve.
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