Heat oil in large skillet over medium-high heat. Add chicken and cook 3 minutes, stirring occasionally. Add onion and taco seasoning; cook 2 minutes more. Stir in black beans, undrained tomatoes and water; bring to a boil.
Stir in rice. Cover, reduce heat and simmer 7 to 10 minutes or until rice is tender. Stir in ½ cup cheese. Sprinkle top with remaining cheese and cilantro, if desired.
