In small bowl, use a spoon to mix the soft butter with the basil, lemon zest, garlic, salt and pepper. Place a foot long sheet of plastic wrap on a work surface, spoon on the butter, roll into in a 1-in. (2.5 cm) thick log. Place in fridge until firm, about 1 hr.
Pat halibut dry with paper towel, brush with olive oil, and season with salt and pepper. On medium-high grill, cook halibut 3 to 4 min. per side, or until just cooked through.
Slice butter log into 1/2-in. (1-cm) thick rounds, and top each steak with 2 rounds of butter to serve.
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