Heat 3 tablespoons olive oil in a large pot over medium heat. Add shallots and season with 1 teaspoon salt, stirring to combine. Saute for 15 minutes or until shallots begin to turn golden brown, stirring frequently.
Add tomato paste, stirring until shallots are well coated. Add tomatoes, garlic, red chili flakes, and oregano, stirring to combine. Cook for 5 minutes or until tomatoes begin to soften.
Add water and bring to a boil. Reduce heat to medium-low and simmer for 10 minutes, stirring frequently. Season sauce with salt and pepper.
While sauce is cooking, cut french bread in half lengthwise and in half again to create 4 equal portions. Brush olive oil on both sides and place them on a baking sheet with the cut side facing down. Bake bread for 8 minutes on the lower rack or until the cut sides are lightly browned. Remove from heat and line baking sheet with parchment paper. Arrange bread back on the pan, but this time, with the cut sides facing up.
Spread caramelized shallot tomato sauce on bread; you will have some extra sauce. Sprinkle grated parmesan on top and bake for 7-8 minutes or until cheese is melted.
Remove from the oven and spread burrata on top. Season burrata with extra virgin olive oil and freshly cracked black pepper. Top with prosciutto and fresh basil. Serve immediately.
Notes
Use french bread that comes packaged in plastic wrap and not the french bread sold in paper bags. You can also use the "Take and Bake" loaf.The caramelized shallot tomato sauce can be prepared up to 3 days in advance.