@bertuleit it seems you're getting different and conflicting answers from 3 different people, because all are making different assumptions on your "investment". You need to provide more details.
Do you own and operate a drilling company? if yes, are you a general partner or limited partner? Your reference to "joint venture" implies some level of ownership, but doesn't define that level or even confirm it. Or are you just an investor that has absolutely no say in the operations of the company? If the latter, you have nothing to report on any tax return until the tax year you receive some kind of tax reporting document from the endeavor.
A better understanding will help to determine if SCH C or SCH E is the correct way to report this, if it even has to be reported on your 2020 tax return at all.
