Heat olive oil in a medium skillet over medium-high heat. Add the onions and sauté 5 to 7 minutes, until beginning to brown. Stir in the water and scrape up any brown bits from the bottom of the pan. Turn the heat to low and cook 30 to 35 minutes, stirring occasionally, until the onions are golden brown. If the pan ever looks too dry, add a tablespoon of water. Let cool completely.
In a medium bowl, combine the cream cheese, mayonnaise, sour cream, Worcestershire, garlic salt, onion powder, and pepper. Using an electric mixer beat until smooth. Stir in the reserved onions and the scallions. Chill until serving time. Serve with chips.