Heat a deep skillet over medium heat and add the oil.
Once hot, add the rice to the hot pan. Toast the rice until golden brown, stirring often. This should take about 5 minutes. Be careful to not let it burn.
Add the remaining ingredients to the pan and stir until everything in combined and the tomato paste is fully incorporated.
Bring to a simmer, reduce the heat to low and place the lid on the pan. Let cook over low heat for 15 minutes, then remove the pan from the heat and let sit for another 10 minutes. Do not remove the lid
After the 10 minutes is up, remove the lid and fluff the rice with a fork. Serve with main dish of choice and enjoy!