Bring a large pan of generously salted water to a boil.
In a medium skillet heat oil. Sauté the pancetta and onion until the onion is translucent and the pancetta is browned.
Meanwhile, cook penne in salted water until it is al dente.
While the pasta is cooking, whisk the egg yolks in a small bowl. Add cream and mix well. Then add the parmesan cheese and combine. Season with black pepper.
Drain pasta well and add to skillet. Toss well to coat. Then pour over the egg mixture. Mix well and cook for a few minutes until the sauce becomes creamy. Serve immediately.