Right answer:
estamos bebiendo
We use the present progressive, also called the present continuous tense, when talking about actions that are happening now. This tense is often formed with the verb estar plus the present participle. In this way, Spanish present participles end in ndo, that is equivalent to the English ending ing. So estamos is the conjugation of the verb estar for the first person plural (nosotros) in the simple present and bebiendo (drinking) comes from the verb beber (to drink). Accordingly:
Nosotros estamos bebiendo agua de coco
