Bring a large pot of salted water to a boil. Add the penne pasta and cook until al dente according to package directions. Reserve about 1/2 cup of the pasta water and then drain the pasta.

While the pasta cooks, heat the olive oil and butter in a large skillet over medium heat. Add the minced red onion and sauté for about 4 minutes until softened. Then add the garlic and cook for 1 minute until fragrant. Deglaze the pan with the wine and cook for 30 seconds.

Pour in the tomato paste and heavy cream. Add the dried basil, dried oregano, red chili flakes, salt, and black pepper. Let the sauce simmer for about 3-5 minutes. Stir in the grated Parmesan cheese, cooking until the cheese melts and the sauce thickens slightly. If it appears too thick, add a splash of the reserved pasta water.

Add the cooked pasta to the skillet with the sauce. Toss gently until the pasta is well coated. Adjust seasoning if necessary, add extra reserved pasta water to reach desired consistency, and serve immediately. Garnish with chopped basil.