Heat oil in medium saucepan on medium-high heat. Add onions; cook and stir 3 to 4 min. or until crisp-tender. Add rice; cook and stir 1 min.
Stir in broth and water. Bring to boil; cover. Simmer on low heat 15 min. or until rice is tender and liquid is absorbed.
Add cheese, oregano and pepper; mix lightly.