Set the Instant Pot to Sauté function and increase to high heat. Add the olive oil and sesame oil to the inner pot to heat up. Season the chicken thighs with salt, garlic powder and ginger. Add the chicken to the inner pot once hot and cook for 2 to 3 minutes, browning on all sides. Turn the Instant Pot to the off position.
Meanwhile whisk together the ingredients for the sauce: Orange zest, orange juice, soy sauce, sugar, dry sherry and chicken broth. Pour over the chicken and stir to coat.
Place a trivet over the chicken in the instant pot. Combine the rinsed rice and 1 1/2 cups water in an oven safe dish (make sure it is only half way filled as the rice will expand). Place the rice filled dish on top of the trivet and close the Instant Pot lid, making sure the vent on top is in the sealed position.
Press MANUAL and HIGH PRESSURE for 4 minutes. Let the pressure naturally release for 10 minutes after cooking (do not release pressure immediately after cooking/do not turn off Instant Pot). Once 10 minutes is up, finish with a quick release of pressure.
Carefully remove the rice and fluff with a fork.
Meanwhile whisk together the 2 tbsp water with 2 tbsp cornstarch and turn Instant Pot to Sauté mode again. Stir in cornstarch mixture and cook until sauce thickens (about 3 to 4 minutes). Serve chicken over rice and garnish with sliced green onions if desired. Enjoy!
If you want to make the sauce spicy, add a pinch of red pepper flakes and a tablespoon of Sriracha sauce to the sauce mixture.