Place your caldero over medium heat and add the annatto oil, sofrito, garlic, onions, peppers, and seasonings: adobo, sazón, onion powder, garlic powder, oregano, ground annatto, ground cumin, and black pepper. Stir together for 1-2 minutes, until fragrant. Warming or toasting the spices helps them release their aroma and intensifies the flavors.
Add tomato sauce and chicken bouillon paste. Stir for about 1-2 minutes.
Add the rice and water or stock. Stir well. Taste and adjust seasonings, if necessary. The liquid should be heavily seasoned to ensure very flavorful rice!
Add gandules, olives, roasted red peppers, bell pepper, and bay leaf (if using).
Stir well to evenly distribute the rice and pigeon peas. Add fresh cilantro on top. Allow this to boil for 3-5 minutes until the liquid reduces a bit.
Cover the pot and lower the heat to low. Allow the rice to cook for 25 minutes, covered.
After 25 minutes, uncover the caldero and remove the cilantro springs.
Carefully fluff the rice by lifting and flipping over spoonfuls of rice with a large kitchen spoon. The grains of rice should be fluffy and fully cooked. Serve and enjoy. ¡Buen provecho!