Add oil to large skillet and heat over medium high. Add diced chicken, 1 TBSP taco seasoning and salt and pepper to taste; saute until cooked through. Add water (or chicken broth) and remaining taco seasoning. Bring to a boil and simmer for 10 minutes. Remove from heat and add minute rice and diced velvetta cheese. Cover and let stand 10 minutes. Stir and serve.