Step 1

Heat the olive oil and butter in a large skillet over medium-low heat. Once the butter is melted, add the onions and cook, stirring occasionally until softened and translucent, about 10 minutes. Reduce the heat to low, sprinkle the onions with the brown sugar and cook, stirring occasionally, until the onions are caramelized, 30 to 40 minutes. Let the onions cool completely.

Step 2

In a medium bowl, combine the cream cheese and sour cream until smooth. Stir in the caramelized onions, onion powder, garlic powder, chives, salt, and pepper until evenly combined.

Step 3

Store refrigerated in an airtight container for up to 5 days.