Into a small saucepan over medium-high heat, add olive oil. When oil is hot, add the red onion. Cook, stirring frequently 3 minutes, until softened. Add the garlic and continue cooking an additional 1 minute.
Add the coconut milk, Basmati rice, water, and sea salt. Gently stir just enough to combine.
Bring mixture to a boil. Reduce heat to low and allow to simmer, covered, for 12 minutes, or until water is absorbed.
Fluff rice with a fork and serve hot.