The Gus Archie Scholarship Programs is an initiative by the SPE to provide financial support to deserving students from around the world. Here is what the spe website says,
"The Gus Archie Memorial Scholarship is supported by the Archie Fund of the SPE Foundation. Each year the SPE Foundation, working through the SPE Section Scholarship Support Program, as well as working with individual applicants, awards the Archie Scholarship to the most outstanding incoming first-time university student. The curriculum must lead to an undergraduate degree in petroleum engineering.
The Archie Fund endows each scholarship at $6,000 per year. The program contemplates support of an individual student through four years of university study, provided that he/she makes satisfactory academic progress. The program ordinarily requires a GPA of 3.0/4.0 or higher for the current semester and a GPA of 3.0/4.0 or higher on a cumulative basis. Students rotate off the program after 4 years of scholarship support."
The qualification and application procedure is given on the SPE website, over
here. You can also find other scholarships offered to students of petroleum engineering by the SPE, over
here.