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Bring 2 cups water to boil in small saucepan over medium-high heat. Add rice and 1 tsp. olive oil; return water to boil. Reduce heat to low. Simmer, covered, until rice is tender and water is absorbed, about 25 minutes
Meanwhile, heat 1 tsp. oil in 4-qt. saucepan over medium-high heat. Add sofrito, Sazón and oregano. Cook, stirring, until well combined, about 1 minute. Add 1 cup water, beans and tomato sauce. Bring water to a boil; reduce heat to medium low. Simmer, stirring occasionally, until flavors come together and bean mixture is thick, about 15 minutes. Season beans with Adobo Light.
Divide rice evenly among serving plates. Serve seasoned beans on top or alongside rice.