1. In a bowl, lightly dredge peeled balut with flour. In a wide pan over medium heat, heat oil.
2. Add balut and cook, turning once or twice, until lightly browned.
3. Remove from heat and drain on paper towels.
4. Remove oil except 1 tablespoon from pan.
5. Add onions, ginger, garlic and chili peppers. Cook, stirring regularly, until softened and aromatic. In a bowl, combine soy sauce, oyster sauce and water. Stir together until blended.
6. Add to pan and bring to a boil.
7. Add balut and continue to cook, gently turning to coat in sauce, until heated through and sauce is thickened. Season with pepper to taste.
8. Remove from pan and arrange on sizzling plates.
9. Garnish with green onions and serve hot.