Chop chicharrones: Cut the chicharrón into 1½" [5 cm] pieces.
Heat vegetables: Heat the oil over low heat in 4 qt [4 lt] cast aluminum or iron pot.
Heat chicharrón: Add chicharrón and heat-through. Add bell pepper, oregano, carrot, garlic, black pepper, olives, auyama, cilantro, and salt. Simmer until everything is heated through.Add tomato sauce and stir to combine. Add 7 cups of water, increase heat to medium and bring to a boil.
Cook rice: Add the rice and stir often to prevent it from sticking to the pot. Once all the water has evaporated, cover with a tight-fitting lid and simmer over very low heat for 15 minutes, uncover and stir bringing the rice from the bottom to the top. Cover and cook another 5 minutes.Taste rice for "doneness"; it should be firm but tender inside. If necessary, cover and simmer for another 5 minutes.