Set a large pot of water over high heat for the pasta.
While the pot of water is coming to a boil, make the pasta sauce. Set a large skillet over low heat. Add the bacon to the pan and cook for about 7 minutes until the fat gets completed rendered from the bacon without charring. Stir every few minutes to prevent the bacon from sticking to the pan.
When the fat is completely rendered from the bacon, pour the bacon and the fat into a strainer to drain the fat from the bacon. Set the bacon aside.
Place the same skillet over medium heat and add the olive oil to the pan. Then add the onion, garlic, oregano and red chili flakes. Sauté the aromatics for about 5 minutes. (If you are serving this pasta to children, set aside the red chili flakes for garnish instead.)
And the tomato paste to the aromatics and cook for another 2-3 minutes until some char starts to develop around the tomato paste.
Then add the bacon, heavy cream and pasta water and decrease the heat to low. Mix the tomato paste thoroughly into the heavy cream using a wooden spatula or whisk. Cover over low heat for 2 minutes.
Remove the pan from the stove and season with salt and freshly crack black pepper at the end.
Cook the pasta al dente. Drain the pasta and then transfer it to the pan with sauce. Mix the pasta and sauce together. Then add the grated Parmigiano Reggiano cheese, red pepper flakes and parsley.
Plate the pasta and garnish with additional Parmigiano Reggiano cheese, basil and red pepper flakes. Enjoy!