Caramelized Vidalia Onion Dip

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1 tablespoon olive oil

1 large Vidalia onion, very thinly sliced 

1/4 cup water 

One 8-ounce package cream cheese, at room temperature 

1/2 cup mayonnaise 

1/4 cup sour cream 

1 teaspoon Worcestershire sauce 

1/2 teaspoon garlic salt 

1/2 teaspoon onion powder 

1/2 teaspoon freshly ground black pepper 

1 scallion, green part only, thinly sliced 

Chips, for serving