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