I tried leaving the /System paths and changing the others to use the executable_path, and guess what? It worked!! :D
Here is the resulting otool output:
@ibi360.1.dylib:
mylib.dylib (compatibility version 1.0.0, current version 1.0.0)
/System/Library/Frameworks/OpenAL.framework/Versions/A/OpenAL (compatibility version 1.0.0, current version 1.0.0)
@executable_path/../Frameworks/QtOpenGL.framework/Versions/4/QtOpenGL (compatibility version 4.6.0, current version 4.6.3)
@executable_path/../Frameworks/QtGui.framework/Versions/4/QtGui (compatibility version 4.6.0, current version 4.6.3)
@executable_path/../Frameworks/QtCore.framework/Versions/4/QtCore (compatibility version 4.6.0, current version 4.6.3)
/System/Library/Frameworks/OpenGL.framework/Versions/A/OpenGL (compatibility version 1.0.0, current version 1.0.0)
/System/Library/Frameworks/AGL.framework/Versions/A/AGL (compatibility version 1.0.0, current version 1.0.0)
/usr/lib/libstdc++.6.dylib (compatibility version 7.0.0, current version 7.9.0)
/usr/lib/libgcc_s.1.dylib (compatibility version 1.0.0, current version 103.0.0)
/usr/lib/libSystem.B.dylib (compatibility version 1.0.0, current version 125.2.10)
@
This was not straight forward but I feel I am getting a little further. Thanks again for your help.
-=ben