Heat oil in a large saucepan over medium-high heat. Add onions, garlic and bell peppers (capsicum). Sauté, stirring occasionally, for about 4-5 minutes or until onions are soft and bell peppers are tender.
Add sofrito. Sauté, stirring, for about 2 minutes or until aromatic. Add oregano, bay leaf and ground cumin, black beans and rice. Season with salt and pepper.
Pour 4 cups water. Stir gently to combine.Bring to a boil. Reduce heat to low. Cover with lid. Simmer for about 10-15 minutes or until rice is tender and water is absorbed. (Cooking time of rice may vary. Make sure you check the packet instructions).
Turn off heat. Let it sit, covered, for another 10 minutes.