Shrimp and Potato Chowder

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1 tablespoon extra-virgin olive oil

2 slices bacon, chopped

1 onion, chopped

1 teaspoon tomato paste

3 tablespoons all-purpose flour

3 cups low-sodium chicken broth

2 cups milk or half-and-half

1 pound red-skinned potatoes, diced

12 ounces medium shrimp, peeled and deveined, tails removed

Kosher salt and freshly ground pepper

1/2 cup loosely packed fresh basil, torn into pieces