Season the fresh cobia with kosher salt and pepper. Heat the olive oil in a large skillet over high heat. Add the fresh cobia to the pan, reduce the heat to medium and sear the fish covered for 2 to 3 minutes each side. Once the fish has browned on both sides, is flaky and cooked through, transfer the fish to a plate and set aside.
Remove the olive oil from the pan. Deglaze the pan with the red wine. Next, add the butter to the pan along with the blood orange juice, blood orange sections, capers and sugar. Allow the sauce to reduce for 3-5 minutes. Pour the sauce and oranges over the fish and serve.