Heat oil over medium high heat in a large caldero or a heavy bottom pot. Add in sofrito, tomato paste, seasonings, and the bay leaf. Cook for 2-3 minutes before adding in the remaining ingredients.
Higher heat to bring rice mixture to a boil and after 2 minutes, lower heat to medium low heat. Give a quick stir and cover with a tight fitting lid and let cook for 20-25 minutes before lifting lid and giving the rice a gentle stir.
Turn off heat, let rice sit for ten minutes before fluffing and serving.