In a large saute pan, heat the oil over medium heat until shimmering. Add the pancetta and cook until it is browned and the fat has rendered, about 5 minutes. Reduce the heat to the lowest setting and keep warm.
In a large bowl, mix together the eggs, cheese, and pepper until uniform. Set aside.
Fill a large pot with water and add enough salt so the water tastes like seawater. Bring the water to a boil. Add the pasta and cook according to the directions on the package until al dente. Reserve 1 cup of the pasta cooking liquid.
Drain the pasta, transfer to the bowl with the egg mixture and add the pancetta, along with all the fat from the pan. Toss the pasta with the egg-cheese mixture and the pancetta until the eggs are cooked and the pasta is coated and creamy, about 1 minute. Serve immediately.
If, when you're tossing the pasta in the bowl, it looks a little dry, add a bit of the reserved pasta water to help create an emulsion.