Pour oil into large skillet. (Preferably cast-iron.) Heat skillet on Med-Hi and add rice. Stir rice constantly until dark brown.
Add cold water, tomato sauce, salt, chicken bouillon granules, green chilies, garlic, onion and cilantro; stir.
Bring to a boil. Lower heat to a simmer and cover. Cook without stirring, for 35 to 40 minutes. (Check after 35 minutes to see if it is done, if not, cook another 5 minutes. Add 1/4 cup of water if necessary.)